Microeconomics Standard 3
Quiz by Katie Hardy
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- Q 1/10Score 0Which is the most likely explanation for the change shown in the graph?29Technological advancement causing increased fuel efficiency in logging equipment.Decreased demand for finished wood products.Increased minimum wage.Widespread wildfires that destroy vast amounts of forest.
10 questions
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- Q1Which is the most likely explanation for the change shown in the graph?Technological advancement causing increased fuel efficiency in logging equipment.Decreased demand for finished wood products.Increased minimum wage.Widespread wildfires that destroy vast amounts of forest.120s
- Q2What would be the MOST LIKELY result of an increased unemployment rate?DEMAND curve shift to the LEFTSUPPLY curve shift to the RIGHTSUPPLY curve shift to the LEFTDEMAND curve shift to the RIGHT120s
- Q3Which of these is the government trying to achieve through PRICE CONTROLS?EntrepreneurshipEconomic GrowthUnderground MarketsEquity120s
- Q4Which of these is shown in the graph?Price CeilingShortagePrice FloorInelasticity120s
- Q5Which of these is an EXAMPLE of the price control shown in the graph?SurplusMinimum WageChange in consumer tasteRent Control120s
- Q6Which of these is represented by the shaded area in the graph?SurplusPrice CeilingMinimum WageShortage120s
- Q7Which of these is NOT a problem often caused by government price controls?Substandard goods or services.Change in the price off substitute goods.Creation of underground markets.Larger burden placed on the government.120s
- Q8Insulin is an example of a good that is demand inelastic becauseit is essential for the health of a diabetic, so they will purchase it at any price.it is impossible to produce more insulin, regardless of the price charged.if the price increases, producers will make more insulin to sell.it is used to prevent anaphylactic shock.120s
- Q9In the graph, lines D and S1 show the demand and supply schedules for the Anaxos Fruit Shake Company in its last month of operation. Anaxos just upgraded its capital equipment by buying a machine that makes fruit shakes faster and cheaper than the original machine. What effect should this have on the graph?Price rises; Quantity risesPrice drops; Quantity DropsPrice drops; Quantity risesPrice rises; Quantity drops120s
- Q10When economists measure the responsiveness of sellers to changes in price, they are measuring:the price elasticity of supplythe percentage change in supplythe price elasticity of demandincome elasticity120s
