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Review Over Chapters 3,4,5
Test Description: Chapters 3,4,5
Instructions: Answer all questions to get your test result.
1) Two ways to compare the ability of two people to produce a good
A
absolute advantage
B
Both a and b
C
trade advantage
D
Comparative advantage
2) The gains from specialization and trade are based on
A
production possiblities curve
B
comparative advantage
C
absolute advantage
D
opportunity cost
3) According to the law of demand, as the price of a good falls the quantity demanded
A
All of the above
B
falls
C
rises
D
stays the same
4) In addition to price, other determinantsof how much consumers want to buy include
A
substitutes
B
tastes
C
income
D
All of the Above
5) According to the law of supply, as the price of a good rises, the quantity supplied
A
stays the same
B
decreases
C
never changes
D
rises
6) The intersection of the supply and demand curves determines the
A
the decision making by firms
B
goods purchased
C
market equilibrium
D
expectations
7) When the market price is above the equilibrium price, there is a surplus of the good which causes
A
None of the above
B
the market price to rise
C
the market price to stay the same
D
the market price to fall
8) In market economies what are the signals that guide economic decisions?
A
prices
B
balances
C
goods
D
equilibrium
9) A situation in which quantity demanded is greater than quantity supplied
A
shortage
B
surplus
C
normal good
D
inferior good
10) Two goods for which an increase in the price of one leads to a decrease in the demand for the other
A
normal good
B
inferior good
C
complement
D
substitute
*select an answer for all questions
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