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The Market Economy (Part II)
Test Description: The Market Economy
Instructions: Answer all questions to get your test result.
1) Marginal cost measures the disadvantages of
A
a competitive market
B
a market economy
C
entrepreneurship
D
producing one additional unit of a good or service
2) The variable costs of a business
A
depend on the quantity of a good or service produced
B
include insurance costs
C
include interest on loans
D
do not depend on the quantity of a good or service produced
3) A company that controls all of a market
A
has a monopoly
B
cannot exist in a market economy
C
has its good or service allocated by the government
D
must compete for business
4) The supply curve shows that the quantity produced of a good or service
A
decreases as price increases
B
is not affected by price
C
increases as price increases
D
increases as price decreases
5) Any amounts priced above the equilibrium are called
A
equilibrium
B
shortage
C
marginal cost
D
surplus
6) At the equilibrium price, supply is
A
greater than demand
B
at its highest point
C
equal to demand
D
at a minimum
7) Supply curve is displayed
A
A shortage is displayed
B
Supply curve is displayed
C
Equilibrium price and quantity is displayed
D
Demand curve is displayed
8) An example of a fixed cost would be
A
supplies
B
employees wages
C
rent
D
utilities
9) The opportunity cost of starting your own business is
A
difficult to measure without using marginal costs
B
equal to the amount of your business loan
C
equal to the amount you could have earned by choosing a different path
D
based on your fixed and variable costs
10) If a business has a sale, the prices would fall into which category?
A
equilibrium
B
marginal cost
C
shortage
D
surplus
*select an answer for all questions
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