Copyright
Praxis Marketing Education (5561): Practice & Study Guide  /  Business Courses

Test Prep Plan - Take a practice test

Take this practice test to check your existing knowledge of the course material. We'll review your answers and create a Test Prep Plan for you based on your results.
How Test Prep Plans work
1
Answer 50 questions
Test your existing knowledge.
2
View your test results
Based on your results, we'll create a customized Test Prep Plan just for you!
3
Study smarter
Study more effectively: skip concepts you already know and focus on what you still need to learn.

Praxis Marketing: Economics 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!

Page 1

Question 1 1. Which of the following statements is NOT true regarding the market equilibrium?

Question 2 2. Why would a perfectly competitive market be beneficial for consumers?

Question 3 3. Which of the following economic systems is characterized by state ownership of all factors of production?

Question 4 4. Which one of the following statements is correct?

Question 5 5. An increase in household incomes across the nation leads to an increase for the demand for coffee. How would the demand/supply curve change?

Page 2

Question 6 6. The perpetual problem in economics is:

Question 7 7. Because resources are scarce, but wants are not:

Question 8 8. Which of the following best describes opportunity cost?

Question 9 9. What is a market demand schedule?

Question 10 10. Assume that land can be used either for producing corn or producing beef. The opportunity cost of converting an acre from producing corn to raising cattle for beef is equal to which of the following?

Page 3

Question 11 11. Which term describes the way a society organizes the production, distribution, and consumption of goods and services to meet people's needs and wants?

Question 12 12. Which of the following statements is TRUE?

Question 13 13. The image illustrates the supply and demand for coffee. What is the equilibrium price (per pound) and quantity (pounds)?

Question 14 14. During the time Mary spent studying macroeconomics, she could have instead either made brownies or played the piano. She thinks to herself that if she wasn't studying, then she would have made brownies. In this case, her opportunity cost of studying is equal to which of the following?

Question 15 15. Josie decided to go to college full-time instead of working. Which of the following is the opportunity cost of going to college for Josie?

Page 4

Question 16 16. Which of the following statements is FALSE regarding a supply schedule?

Question 17 17. Why does the market structure of the United States MOST resemble monopolistic competition?

Question 18 18. This image shows the market demand schedule for bananas. If the price goes from 60 cents to 40 cents, how many more bananas will be purchased per week?

Question 19 19. A shift of the supply curve to the right indicates which of the following?

Question 20 20. The image is a demand and supply schedule for cakes. What is the market equilibrium price?

Page 5

Question 21 21. What is quantity supplied?

Question 22 22. What does a shift of the demand curve to the right indicate?

Question 23 23. The market for coffee is currently in equilibrium. If the demand for coffee decreases, which of the following would LEAST likely happen?

Question 24 24. When a market price is set below the market equilibrium price, a _____ exists, which will _____.

Question 25 25. The image shows the supply schedule for Bob's Low-Rider Lawn Mowing services. Which of the following statements is true regarding the supply of lawn cuts at a price of $25?

Page 6

Question 26 26. Economics looks at

Question 27 27.

John manages a toy factory that produces toy trains, baby dolls, and race cars. Every day he receives a list from the local government specifying how many toys he must produce, what materials to use, and how much each toy is to be sold for. He organizes the day's work accordingly.

This scenario closely aligns with which of the following?

Question 28 28. Which one of the following economic systems is characterized by state ownership of land and capital, but individuals remaining in control of their labor?

Question 29 29. Why do economists use a a demand schedule?

Question 30 30. When a market price is set above the market equilibrium price, a _____ exists, which will _____.

Praxis Marketing: Economics 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!

Support