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Multiple Choice Quiz
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1
Which of the following is a goal of consumers?
A)Maximize their profit
B)Exceeding their budget constraint
C)Maximize social welfare
D)Maximize their utility
2
Which of the following would be an exchange in the product market?
A)Labor is bought and sold
B)Capital equipment is leased
C)A consumer purchases a new car
D)Financial assets such as stocks and bonds are exchanged
3
A market:
A)Is at a specific location where goods are bought and sold
B)Exists wherever and whenever an exchange takes place
C)Only exists for products and not for the factors of production
D)None of the above
4
The demand for a good occurs when:
A)A buyer is able to purchase a good
B)A buyer needs a good
C)A buyer is both willing and able to buy a good
D)You agree to sell your labor to the highest bidder
5
A demand schedule shows:
A)The willingness but not the ability of buyers to purchase goods
B)The willingness and ability of individual buyers to purchase goods at various prices, ceteris paribus
C)The sum of all the demand for a good by all the sellers in the market
D)The minimum price that each buyer will pay for a particular good
6
Which is true of an individual demand curve?
A)It slopes downward because of the law of demand
B)It slopes upward because as the price falls, consumers are willing to buy more
C)It show the quantities of a good an individual is able but not willing to buy
D)If is vertical because most consumers do not care about price
7
For the law of demand to be true:
A)The only factor influencing a consumer is the price of the product.
B)All other factors which might influence a purchase besides price are not changing
C)A consumer will choose the cheaper price on two identical products sold by two separate and nearby sellers.
D)All of the above
8
Wal-Mart is often the lowest seller on many products consumers buy. This illustrates:
A)A shift in demand to the right for Wal-Mart's products
B)The law of demand
C)The law of supply
D)A shift in the supply curve for Wal-Mart's products
9
Which of the following are two complementary goods?
A)Coke and Pepsi
B)Hewlett Packard PC's and Dell PC's
C)A home purchase and the purchase of a home loan
D)Apples and oranges
10
When the price of a complementary good rises:
A)The quantity demanded of the other good rises
B)The quantity demanded of the other good falls
C)The quantity demanded of the other good stays the same
D)The demand for the other good shifts to the right
11
You decide to lose weight. You reduced the number of calories you consumed and walked every day. Therefore:
A)You can determine which factor; calories or walking reduced your weight
B)The ceteris paribus conditions did not hold during the experiment
C)Ceteris paribus conditions did hold during the period
D)None of the above are true
12
Which of the following will shift the demand curve to the right?
A)An increase in income
B)An increase in the price of a complementary good
C)A decrease in consumer tastes for this product
D)A decrease in the number of buyers in a market
13
A factor which will move along a demand curve, but not shift the demand curve is:
A)A change in income
B)A change in tastes
C)A change in the number of buyers in a market
D)A change in price
14
A supply curve is upward sloping because:
A)At higher prices sellers have a greater incentive to produce more, ceteris paribus
B)The law supply states that as price rises the quantity supplied increases
C)At lower prices sellers may not be covering their costs of production, and are therefore willing to supply less
D)All of the above
15
The supply curve will shift to the right if:
A)The price of the product rises
B)A new technology improves production
C)There are fewer sellers in the market
D)The costs of production rise
16
When a market is in equilibrium:
A)There are still shortages
B)The quantity demanded equals the quantity supplied
C)All sales take place at exactly this price
D)There are still some surpluses because sellers can be stubborn





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