Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Micro Test Review
Test Description: Micro topics
Instructions: Answer all questions to get your test result.
1) Situation in which the quantity demanded is greater than the quantity supplied.
A
Shortage
B
Supply
C
Demand
D
Surplus
2) Situation in which the quantity supplied is greater than quantity demanded at the current price.
A
Demand
B
Shortage
C
Supply
D
Surplus
3) As the price of a good or service that producers are willing and able to offer for sale during a certain period of time rises (or falls), the quantity of that good or service supplied rises (or falls).
A
Supply
B
Demand
C
Shortage
D
Surplus
4) As the price of a good or service that consumers are willing and able to buy during a certain time period rises (or falls) the quantity of that good or service demanded falls (or rises).
A
Demand
B
Shortage
C
Supply
D
Surplus
5) Is the price at which the quantity demanded by buyers equals the quantity supplied by sellers also called the market-clearing price. At the equilibrium price every buyer finds a seller and every seller finds a buyer.
A
Price
B
Equilibrium Price
C
Equal Price
6) A business that one person owns is called a ____________________.
A
Partnership
B
Sole Proprietorship
C
Corporation
D
Franchise
7) A business that two or more individuals own and operate is known as _____________.
A
Corporation
B
Sole Proprietorship
C
Partnership
D
Franchise
8) A cost that does not vary depending on production or sales levels is known as____________ _____________.
A
Fixed Cost
B
Variable Cost
9) Business organization that is owned by many people, but is treated by law as though it were a person is known as____________.
A
Partnership
B
Sole Proprietorship
C
Franchise
D
Corporation
10) Stocks in __________________ are bought and sold in the stock market.
A
publicly traded companies
B
private companies
11) A market or industry is dominated by a small number of sellers
A
Market Structure
B
Monopoly
C
Oligopoly
12) Complete control of the supply and demand of a good or service.
A
Monopoly
B
Market Structure
C
Oligopoly
13) Number of consumers impacts both the supply and demand of a good.
A
False
B
True
14) Just because a toy is no longer wanted, does not mean it is not still in demand.
A
False
B
True
15) Over supply and under demand help lower the price at the pump.
A
False
B
True
16) OPEC is the only producer of oil in the world.
A
True
B
False
*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?