Review Over Chapters 3,4,5 Question Preview (ID: 34790)


Chapters 3,4,5. TEACHERS: click here for quick copy question ID numbers.

Two ways to compare the ability of two people to produce a good
a) Comparative advantage
b) absolute advantage
c) Both a and b
d) trade advantage

The gains from specialization and trade are based on
a) comparative advantage
b) absolute advantage
c) opportunity cost
d) production possiblities curve

According to the law of demand, as the price of a good falls the quantity demanded
a) falls
b) rises
c) stays the same
d) All of the above

In addition to price, other determinantsof how much consumers want to buy include
a) income
b) substitutes
c) tastes
d) All of the Above

According to the law of supply, as the price of a good rises, the quantity supplied
a) decreases
b) rises
c) stays the same
d) never changes

The intersection of the supply and demand curves determines the
a) market equilibrium
b) the decision making by firms
c) goods purchased
d) expectations

When the market price is above the equilibrium price, there is a surplus of the good which causes
a) the market price to fall
b) the market price to rise
c) the market price to stay the same
d) None of the above

In market economies what are the signals that guide economic decisions?
a) goods
b) prices
c) balances
d) equilibrium

A situation in which quantity demanded is greater than quantity supplied
a) surplus
b) shortage
c) normal good
d) inferior good

Two goods for which an increase in the price of one leads to a decrease in the demand for the other
a) complement
b) substitute
c) inferior good
d) normal good

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