ec on a

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3.Market: Cars

A car manufacturer has developed a new machine that can build quality cars twice as fast

Which graph represents what will happen to the market for cars?

A

B

C

D

4.Market: Salmon
Situation: A news article comes out stating that eating salmon 3 times a week will make you
healthier, stronger, and smarter.

Which graph shows what will happen to the market for salmon?

A

B

C

D

5.Juice and tea are substitutes. If the price of tea increases, what will happen in the market for

juice?

Ademand decrease

Bsupply decrease

Csupply increase

Ddemand increase

6.A PPC can show

ABoth Trade Off and Opportunity Cost

B
Nothing because I stopped caring about
this Quizizz 12 questions ago.

CTrade off

DOpportunity Cost

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7.What will happen to the demand or quantity demanded of Jello (a normal good) if the

income of the people who buy Jello goes up?

A

B

C

D

8.

What does point W represent?

AAn impossible level of production

BAn inefficient level of production

CAn efficient level of production

9.When an economist says that Ketchup is a "normal good" they mean that....

A

If incomes rise in society generally, we

should predict at least a small increase in
the demand for Ketchup

BNormal people eat food with ketchup

C

If incomes rise in society generally, we

should predict at least a small decrease in
the demand for Ketchup

D

If incomes fall in society generally, we

should predict at least a small increase in
the demand for Ketchup

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10.

What is the opportunity cost of moving from point B to C on the curve?

A30 tons of wheat

B5 tons of wheat

C5 tons of steel

D30 tons of steel

11.

Market: BIRD Scooters

Situation: More people are moving into the city of Atlanta

Which graph represents what will happen to the market for BIRD Scooters?

A

B

C

D

12.

Ford can produce 200 Mustangs or 400 Escapes in their factory. What is the opportunity
cost of making each Mustang?

A1/2 Mustang

B1/2 Escape

C2 Mustangs

D2 Escapes

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13.

This graph shows

AAn increase in demand

BAn increase in quantity supplied

CAn increase in quantity demanded

DAn increase in supply

14.

The inability to satisfy all wants at the same time

Achoice

BScarcity

Cresources

Dopportunity cost

15.

Which of the following constitute the fundamental questions every economic system must

answer?

AI, II, and V only

BI, II, and IV only

CI, III, V only

DII, IV, and V only

16.

This graph shows

AA decrease in quantity supplied

BA decrease in supply

CA decrease in quantity demanded

DA decrease in demand

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17.

The Invisible Hand concept explains

A
people and systems working together with
no one directing them
Bhelping those who are disadvantaged

Cbusinesses taking advantage of customers D
economic planning and direction by

experts

18.

Point D on the graph is:

Aunattainable

Binefficient

C
not the best use of the country's
resources.
Defficient

Eindicative of a recession

19.

Market: Converse Sneakers
Situation: The price of Converse increases from $30/pair to $50/pair

Which graph represents this change?

A

B

C

D

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20.

What does point A represent?

AAn inefficient level of production

BAn impossible level of production

CAn efficient level of production

21.

Private ownership and property rights are more common in

ATraditional economies

BCapitalism

CCommunism

DCommand economies

22.

A downward sloping demand curve can be explained by
I. diminishing marginal utility
II. diminishing marginal returne
III. substitution effect
IV. the income effect

AI, III, and IV only

BI only

CII only

DI and IV only

EI and III only

23.

An economic system (method of organization) in which only the private decisions of
consumers, resource suppliers, and producers determine how resources are allocated

AMarket Economy

BMixed Economy

CCommand Economy

DTraditional Economy

24.

Can produce more or requires less time/resources

Acomparative advantage

Babsolute advantage

Cproduction advantage

Dresource advantage

25.

With respect to the circular flow model, businesses provide households with which of the
following?

Alabor and taxes

Btaxes and interest

Cpublic goods and transfer payments

Dgoods, services, and incomes

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26.

Which of the following economic systems allows citizens full freedom in choosing a career
and workplace?

ASocialism

BCommunism

CCapitalism

DFascism

27.

Which of the following changes will most likely result in a decrease in the supply of guitars?

AThe popularity of guitar music increases

BA new firm enters the guitar industry

C
The guitar-making process is reengineered
to be more efficient
DConsumer incomes decrease

EThe wages of guitar makers increase

28.

What is the opportunity cost of moving from point A to point B

A3000 trucks

B2000 boats

C4000 trucks

D9000 boats

29.

For the law of demand, as price rises, what happens to quantity demanded?

Ait stays the same

Bit goes down

Cit goes up

Dit is not effected

30.

What factor determines price in a centrally planned economic system?

ASupply and Demand

BThe government

CDerived Demand

DThe stockmarket

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31.

Market: M&Ms

Situation: The price of M&Ms goes down

This situation is represented by the following graph

A

B

C

D

32.

When someone buys an iPhone, they have to buy an iPhone charger. iPhones and iPhone
chargers are Demand __________________.

AComplements

BSubstitutes

CInferior Goods

DFactors of Production

33.

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the
usual amount of oranges to sell. What will happen to the price of oranges?

AThe price will go up.

BThe price will go down.

34.

If the demand for X decreases, then the demand for the complementary good Y will...

AIncrease

BDecrease

CRemain the same

D
There's not enough information to answer
this question

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35.

A movement from A to B on this graph would represent

AIncrease in quantity demanded

BIncrease in quantity supplied

CIncrease in supply

DIncrease in demand

36.

factors of production

Aland, labor, capital, entrepreneurship

Bland, labor, money, entrepreneurship

Climited resources and unlimited resources D

lumber, hammers, nails, paint

37.

Market: The latest IPhone
Situation: You are expecting the latest IPhone to cost $200 less in a month

What is going to happen to the current market for IPhones?

A

B

C

D

38.

If Mr. Purdom gets a raise and then runs out and buys a lot of burritos. We would consider

burritos what type of good?

ANormal

BPublic Good

CInferior

DCommon Resource

39.

When replacing a certain item with with a less costly item is an example of

Athe income effect

Bthe substitution effect

Cdemand elasticity

Dcomplements

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40.

Market: Homes
Situation: Home builders expect a recession in the future.

Which graph shows what will happen to market for homes?

A

B

C

D

41.

A constant opportunity cost graphs as a

Astraight line

Bhorizontal line

Cvertical line

Dcurved line

42.

Market: Coca-Cola
Situation: The government has increased property taxes for every coca-cola plant

Which graph represents what will happen to the market for coca-cola?

A

B

C

D

43.

Which would cause an outward shift in a PPC?

AIncrease demand for the product

BIncrease in input costs

CImprovement in technology

DDecrease demand for the product

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44.

What could cause the shift from D1 to D2?

AA change in price

BA change in quantity demanded

CA change in quantity supplied

DA change in preferences

45.

Capital refers to...

AThe money used to start a new business

Bpeople with all their efforts and abilities

C
The "gifts of nature" or natural resources
not created by human effort.
D
individuals who start a new business or
bring a product to market.

E
the tools, equipment, and factories used

in production of goods and services

46.

A movement from b to a in this graph would represent

AA decrease in demand

BA decrease in supply

CA decrease in quantity demanded

DA decrease in quantity supplied

47.

A PPC that is bowed out from the origin represents

Adecreasing opportunity cost

Bno opportunity cosr

Cconstant opportunity cost

Dincreasing opportunity cost

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48.

Study of the individual parts of the economy

Amacroeconomics

Bquantitative economics

Cmicroeconomics

Dbehavioral economics

49.

For the law of supply, as price rises, what happens to quantity supplied?

Ait goes down

Bit goes up

Cit is not effected

Dit stays the same

50.

Which of the following is the best definition of opportunity costs?

A

the amount of one good that must be
given up in order to produce one more

unit of another good

Bnone of the above

C

the amount of an input that must be used
in order to produce one more unit of a

good

D

the price of a good that must be charged
in order for a merchant to sell one more

unit

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Answer Key

1.c

2.a

3.a

4.c

5.d

6.a

7.c

8.a

9.a

10.a

11.d

12.d

13.d

14.b

15.b

16.d

17.a

18.a

19.c

20.c

21.b

22.a

23.a

24.b

25.d

26.c

27.e

28.b

29.b

30.b

31.b

32.a

33.a

34.b

35.b

36.a

37.c

38.a

39.b

40.d

41.a

42.b

43.c

44.d

45.e

46.d

47.d

48.c

49.b

50.a