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Overview of Microeconomics Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Mark has $15 that he wants to spend on something that entertains him. He was planning to buy a book with this money, but then he decided to watch a new movie with this money. The fact that Mark cannot read the book because he opted for the film is an example of _____.

Question 2 2. When the pressure for higher prices is exactly matched by a pressure for lower prices, a state of _____ has been reached.

Question 3 3. All of these are common topics studied in microeconomics, EXCEPT:

Question 4 4. Which of these types of economy do you think is the most ancient?

Question 5 5. With its fair market approach and government regulation, the U.S. is which of the following types of economies?

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Question 6 6. The United States of 100 years ago, before regulations were introduced, was most like which of the following economies?

Question 7 7. Which of following are not funded by tax revenue?

Question 8 8. What is the term for compulsory contributions to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions?

Question 9 9. What is the term for money granted by the government to assist an industry or business so that the price of their products or services may remain low?

Question 10 10. How does marginal revenue appear on a graph?

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Question 11 11. What is profit maximization?

Question 12 12. Bryan is a retailer and sells diaries. In 2016, he bought and sold 2000 diaries at $6 and $10 respectively. His other expenses amounted to $100/month. Calculate the profit that Bryan made during 2016.

Question 13 13. A binding price ceiling line is _____ the market equilibrium point.

Question 14 14. Bob is looking for a job, but he lacks the credentials to get a specialized job with a high starting salary. It is likely he will have to start working in an entry level position. Which of the following would benefit Bob in this scenario?

Question 15 15. What is the term for economic output lost due to a price floor or ceiling?

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Question 16 16. Which is an example of fixed capital?

Question 17 17. Which of the following is a factor of production that some economists believe should be included with the three basic factors?

Question 18 18. Which factor of production does management fall under?

Question 19 19. Which type of government tends to be friendlier to free markets?

Question 20 20. The measurement of the distribution of ownership in a society is called _____.

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Question 21 21. A monetary policy is:

Question 22 22. Economics looks at

Question 23 23. Economics is best described as the study of:

Question 24 24. The perpetual problem in economics is:

Question 25 25. What model is used to demonstrate markets and the flow of goods between firms and households?

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Question 26 26. Who is normally the producer in a resource market?

Question 27 27. Susie goes to XYZ Grocery store and walks around to look at all the items that she has available to her for purchase. What is Susie participating in?

Question 28 28. Which of these BEST defined an oligopoly?

Question 29 29. Which of these economies has the most government regulation?

Question 30 30. Which of these is not an example of a subsidy?

Overview of Microeconomics Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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