Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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 market economy
B
entrepreneurship
C
producing one additional unit of a good or service
D
a competitive market
2) The variable costs of a business
A
do not depend on the quantity of a good or service produced
B
include interest on loans
C
include insurance costs
D
depend on the quantity of a good or service produced
3) A company that controls all of a market
A
has a monopoly
B
has its good or service allocated by the government
C
cannot exist in a market economy
D
must compete for business
4) The supply curve shows that the quantity produced of a good or service
A
increases as price increases
B
increases as price decreases
C
decreases as price increases
D
is not affected by price
5) Any amounts priced above the equilibrium are called
A
surplus
B
marginal cost
C
equilibrium
D
shortage
6) At the equilibrium price, supply is
A
at a minimum
B
greater than demand
C
equal to demand
D
at its highest point
7) Supply curve is displayed
A
A shortage is displayed
B
Demand curve is displayed
C
Supply curve is displayed
D
Equilibrium price and quantity is displayed
8) An example of a fixed cost would be
A
rent
B
employees wages
C
supplies
D
utilities
9) The opportunity cost of starting your own business is
A
based on your fixed and variable costs
B
equal to the amount you could have earned by choosing a different path
C
difficult to measure without using marginal costs
D
equal to the amount of your business loan
10) If a business has a sale, the prices would fall into which category?
A
equilibrium
B
surplus
C
shortage
D
marginal cost
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?