Microeconomics Revew
Presentation
•
Social Studies
•
12th Grade
•
Hard
Kelly Lovell
Used 5+ times
FREE Resource
0 Slides • 9 Questions
1
Multiple Choice
The law of demand states that as price _________, demand ________.
Goes up… goes down
Goes up … goes up
Goes down… goes up
Goes down … stays the same
2
Multiple Choice
A corporation is a
Private business that is owned by one person.
Discount business that tries to keep the prices low.
Large company owned by many stockholders.
Are controlled by many government agencies.
3
Multiple Choice
Monopolies are bad for consumers because they
Offer too many choices that confuse shoppers.
Control all access to a good or service, often leading to higher prices.
Encourage too much competition among sellers.
Are controlled by numerous government agencies.
4
Multiple Choice
Which item is most likely to have inelastic demand?
A car
Concert tickets
A cup of coffee
Insulin
5
Multiple Choice
The graph here shows which economic concept?
Equilibrium price
Opportunity cost
Wages and salaries
Production
6
Multiple Choice
Which of these companies is an example of a franchise?
Burger King
Nestle
Dell
Netflix
7
Multiple Choice
Jason Reeves, a graduating high school senior, lives in a neighborhood where there are many elderly people. Jason has always liked to help others so he has decided to open “Odd Jobs” a general help business to work after school and weekends to make extra money for college. What type of business organization would make the most sense for Jason’s “Odd Jobs” business?
Corporation
Non-profit
Franchise
Sole proprietorship
8
Multiple Choice
A lifeguard is an example of
unskilled labor
semi-skilled labor
skilled labor
professional labor
9
Multiple Choice
Does this graph show a shortage or a surplus?
Shortage
Surplus
Neither
Both
The law of demand states that as price _________, demand ________.
Goes up… goes down
Goes up … goes up
Goes down… goes up
Goes down … stays the same
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