EPF Review 3: Question Preview (ID: 19774)


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___________ is the study of how we make use of our resources.
a) Demand b) Economics c) Finance d) Supply
The quantity of a product that producers are willing and able to make available for sale at various prices over a given period of time is said to be
a) surplus b) supply c) demand d) shortage
When the quantity demanded and quantity supplied is equal, what is the result?
a) equilibrium price b) surplus c) shortage d) none of these
The law of supply states that (all other things being equal) as the price of a good or service increases
a) quantity supplied decreases b) quantity demanded decreases c) quantity demanded increases d) quantity supplied increases
A demand curve:
a) shows the relationship between price and quantity demanded. b) graphs as a downward-sloping line. c) indicates the quantity demanded at each price. d) has all of the above characteristics.
Productivity increases at a steel mill due to technological improvement. What will happen to the price of steel?
a) decrease b) increase c) stay the same d) not enough information to answer the question
If Spam is an inferior good, an increase in income will shift the:
a) supply curve for Spam to the right. b) supply curve for Spam to the left. c) demand curve for Spam to the left. d) demand curve for Spam to the right.
Which of the following is NOT an example of an economic indicator?
a) consumer price index b) consumer continuous index c) gross domestic product d) the retail sales report
An unexpected spurt in GDP may indicate that the economy is overheating and __________ could result.
a) inflation b) recession c) stagflation d) depression
An “increase in quantity demanded” means that:
a) the demand curve has shifted to the right. b) the demand curve has shifted to the left. c) given supply, the price of the product can be expected to decline. d) price has declined and consumers will therefore wants to purchase more of the product.
When the reserve requirement is low, banks have ______________ money to lend to customers.
a) less b) more c) the same amount of d) no
How would the government most likely respond to a period of rapid inflation?
a) increase taxes and increase interest rates b) increase taxes and lower interest rates c) lower taxes and increase interest rates d) lower taxes and decrease interest rates
Which of the following is a component of GDP?
a) consumer spending b) government spending c) investment spending d) all of the above
Early market economists argued that a market economy should be
a) watched closely by governing bodies. b) left to adjust by itself. c) changed into a central economy, as they benefit the people more. d) none of the above
Equilibrium is also known as the
a) supply/demand price. b) equal market price. c) market clearing price. d) efficient market price.
Cancer researchers have found hair dyes may be a cause of cancer. They found that people who dye their hair have a 50% greater chance of developing brain tumors. What will happen to the price and quantity in the market for hair dyes?
a) price will decrease, quantity will decrease b) price will increase, quantity will increase c) price will increase, quantity will decrease d) price will decrease, quantity will increase
Which of the following newspaper headlines would explain a supply curve shift to the left in the market for automobiles?
a) Cost of Steel Decreases b) National Income Decreases 3% c) ABC Auto Maker Closes It’s Doors After 35 Years d) Price of Rubber Expected to Rise in 3 Months
“When the price of Milky Ways increase, consumers increase purchases of Three Muskateers whose prices are now relatively lower.” This statement describes:
a) an inferior good b) change in consumer tastes/trends c) the income effect d) the substitution effect
Which of the following newspaper headlines would explain a demand curve shift to the right in the market for coffee?
a) Studies Show That Drinking 2 Cups of Coffee Per Day Increases Life Expectancy b) Coffee Prices Drop c) New Tax on Imported Coffee Beans from South America d) Studies Show That Drinking 2 Cups of Tea Per Day Increases Life Expectancy
Which of the following should you NOT do during a job interview?
a) Further explain items on your resume. b) Have a set of questions prepared to ask the interviewer. c) Be negative in order to tell the truth. d) Brag about your accomplishments and why you are right for the job.
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