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Mr. Weiss
Unit 3Unit 3
3. The movement in the graph shows that the quantity demanded of butter decreased because the
a. price of butter increased.b. price of margarine decreased.c. price of margarine increased.d. price of butter decreased.
Mr. Weiss
Unit 3Unit 3
3. The movement in the graph shows that the quantity demanded of butter decreased because the
a. price of butter increased.b. price of margarine decreased.c. price of margarine increased.d. price of butter decreased.
Mr. Weiss
Unit 3Unit 3
6. According to this demand curve, if the price of t-shirts increases from $14 to $16, the quantity demanded will
a. fall from 600 to 400.b. rise from 400 to 600.c. fall from 400 to 200.d. rise from 200 to 400.
Mr. Weiss
Unit 3Unit 3
6. According to this demand curve, if the price of t-shirts increases from $14 to $16, the quantity demanded will
a. fall from 600 to 400.b. rise from 400 to 600.c. fall from 400 to 200.d. rise from 200 to 400.
Mr. Weiss
Unit 3Unit 3
9. Which of the following choices could cause the movement shown in these graphs?
a.inputs become more expensiveb.the number of firms decreasesc.technology improves production
d. taxes increase
Mr. Weiss
Unit 3Unit 3
9. Which of the following choices could cause the movement shown in these graphs?
a.inputs become more expensiveb.the number of firms decreasesc.technology improves production
d. taxes increase
Mr. Weiss
Unit 3Unit 3
12. If you were to graph this supply schedule, the supply curve would
a. be horizontal.b. be vertical.c. slope upward from left to right.d. slope downward from left to right.
Supply Schedule for CDsPrice per CD Quantity supplied (in millions) $10 100 $12 300 $14 500 $16 700 $18 900 $20 1,100
Mr. Weiss
Unit 3Unit 3
12. If you were to graph this supply schedule, the supply curve would
a. be horizontal.b. be vertical.c. slope upward from left to right.d. slope downward from left to right.
Supply Schedule for CDsPrice per CD Quantity supplied (in millions) $10 100 $12 300 $14 500 $16 700 $18 900 $20 1,100
Mr. Weiss
Unit 3Unit 3
15. The quantity demanded of a product is affected by
a. output versus input.b. surplus quantities.c. price.d. shortages.
Mr. Weiss
Unit 3Unit 3
15. The quantity demanded of a product is affected by
a. output versus input.b. surplus quantities.c. price.d. shortages.
Mr. Weiss
Unit 3Unit 3
18. Which of the 18. Which of the following choices could following choices could cause the movement cause the movement shown in the graph?shown in the graph?
a.a. a decrease in incomea decrease in incomeb.b. an increase in populationan increase in populationc.c. a increase in the price of a substitutea increase in the price of a substituted.d. an increase in the price of a complementan increase in the price of a complement
Mr. Weiss
Unit 3Unit 3
18. Which of the 18. Which of the following choices could following choices could cause the movement cause the movement shown in the graph?shown in the graph?
a.a. a decrease in incomea decrease in incomeb.b. an increase in populationan increase in populationc.c. a increase in the price of a substitutea increase in the price of a substituted.d. an increase in the price of a complementan increase in the price of a complement
Mr. Weiss
Unit 3Unit 3
21.21.The principle that states that the more you The principle that states that the more you have of something, the less satisfaction you have of something, the less satisfaction you will get from an additional unit is thewill get from an additional unit is the
a.a. law of demand.law of demand.b.b. law of diminishing marginal utility.law of diminishing marginal utility.c.c. law of equilibrium.law of equilibrium.d.d. price elasticity.price elasticity.
Mr. Weiss
Unit 3Unit 3
21.21.The principle that states that the more you The principle that states that the more you have of something, the less satisfaction you have of something, the less satisfaction you will get from an additional unit is thewill get from an additional unit is the
a.a. law of demand.law of demand.b.b. law of diminishing marginal utility.law of diminishing marginal utility.c.c. law of equilibrium.law of equilibrium.d.d. price elasticity.price elasticity.
Mr. Weiss
Unit 3Unit 3
24.24. If the price of a product is above its If the price of a product is above its equilibrium price, the result is aequilibrium price, the result is a
a.a. demand.demand. c.c. shortage.shortage.b.b. surplus.surplus. d.d. black market.black market.
Mr. Weiss
Unit 3Unit 3
24.24. If the price of a product is above its If the price of a product is above its equilibrium price, the result is aequilibrium price, the result is a
a.a. demand.demand. c.c. shortage.shortage.b.b. surplussurplus.. d.d. black market.black market.
Mr. Weiss
Unit 3Unit 3
27.27.Where can a person look for help in starting a Where can a person look for help in starting a new business?new business?
a. the government and the Interneta. the government and the Internetb. the board of directors of a large corporationb. the board of directors of a large corporation
c. banks and the Better Business Bureauc. banks and the Better Business Bureaud. owners of similar businesses in the same aread. owners of similar businesses in the same area
Mr. Weiss
Unit 3Unit 3
27.27.Where can a person look for help in starting a Where can a person look for help in starting a new business?new business?
a. the government and the Interneta. the government and the Internetb. the board of directors of a large corporationb. the board of directors of a large corporation
c. banks and the Better Business Bureauc. banks and the Better Business Bureaud. owners of similar businesses in the same aread. owners of similar businesses in the same area
Mr. Weiss
Unit 3Unit 3
30.30. In a limited partnership,In a limited partnership,
a. all partners are equal.a. all partners are equal.b. a bank limits the partnership's liability.b. a bank limits the partnership's liability.c. some partners bear no risk.c. some partners bear no risk.d. a general partner manages the business.d. a general partner manages the business.
Mr. Weiss
Unit 3Unit 3
30.30. In a limited partnership,In a limited partnership,
a. all partners are equal.a. all partners are equal.b. a bank limits the partnership's liability.b. a bank limits the partnership's liability.c. some partners bear no risk.c. some partners bear no risk.d. a general partner manages the business.d. a general partner manages the business.
Mr. Weiss
Unit 3Unit 3
33.33. A disadvantage of sole proprietorships A disadvantage of sole proprietorships and partnerships is that they haveand partnerships is that they have
a.a. no assets.no assets.b.b. unlimited liability.unlimited liability.c.c. common stock.common stock.d. little borrowing power.d. little borrowing power.
Mr. Weiss
Unit 3Unit 3
33.33. A disadvantage of sole proprietorships A disadvantage of sole proprietorships and partnerships is that they haveand partnerships is that they have
a.a. no assets.no assets.b.b. unlimited liability.unlimited liability.c.c. common stock.common stock.d. little borrowing power.d. little borrowing power.
Mr. Weiss
Unit 3Unit 3
36.36. A partnership set up for a specific A partnership set up for a specific purpose for a short period of time is purpose for a short period of time is known as aknown as a
a.a. joint stock company.joint stock company.b.b. acting board of directors.acting board of directors.c.c. joint venture.joint venture.d. committee.d. committee.
Mr. Weiss
Unit 3Unit 3
36.36. A partnership set up for a specific A partnership set up for a specific purpose for a short period of time is purpose for a short period of time is known as aknown as a
a.a. joint stock company.joint stock company.b.b. acting board of directors.acting board of directors.c.c. joint venture.joint venture.d. committee.d. committee.
Mr. Weiss
Unit 3Unit 3
39.39.Interlocking directorates occur when the Interlocking directorates occur when the boards of directors of competing companiesboards of directors of competing companies
a. buy out similar firms in their industry.a. buy out similar firms in their industry.b. sell their companies to one another.b. sell their companies to one another.c. are composed of many of the same members.c. are composed of many of the same members.
d. obtain a monopoly in a particular industry.d. obtain a monopoly in a particular industry.
Mr. Weiss
Unit 3Unit 3
39.39.Interlocking directorates occur when the Interlocking directorates occur when the boards of directors of competing companiesboards of directors of competing companies
a. buy out similar firms in their industry.a. buy out similar firms in their industry.b. sell their companies to one another.b. sell their companies to one another.c. are composed of many of the same membersc. are composed of many of the same members..
d. obtain a monopoly in a particular industry.d. obtain a monopoly in a particular industry.
Mr. Weiss
Unit 3Unit 3
42.42.What is the main purpose of advertising in What is the main purpose of advertising in monopolistic competition?monopolistic competition?
a. lowering prices among competitorsa. lowering prices among competitorsb. informing consumers that there are no other b. informing consumers that there are no other
choiceschoicesc. building brand loyaltyc. building brand loyaltyd. showing how similar a product is to its d. showing how similar a product is to its
competitorscompetitors
Mr. Weiss
Unit 3Unit 3
42.42.What is the main purpose of advertising in What is the main purpose of advertising in monopolistic competition?monopolistic competition?
a. lowering prices among competitorsa. lowering prices among competitorsb. informing consumers that there are no other b. informing consumers that there are no other
choiceschoicesc. building brand loyaltyc. building brand loyaltyd. showing how similar a product is to its d. showing how similar a product is to its
competitorscompetitors
Mr. Weiss
Unit 3Unit 3
45.45. One advantage of an oligopoly isOne advantage of an oligopoly is
a.a. more stable prices.more stable prices.b.b. lower prices per product.lower prices per product.c.c. fewer product offerings.fewer product offerings.d. better services.d. better services.
Mr. Weiss
Unit 3Unit 3
45.45. One advantage of an oligopoly isOne advantage of an oligopoly is
a.a. more stable prices.more stable prices.b.b. lower prices per product.lower prices per product.c.c. fewer product offerings.fewer product offerings.d. better services.d. better services.
Mr. Weiss
Unit 3Unit 3
48.48.When two or more companies in the same When two or more companies in the same business combine into one corporation, the business combine into one corporation, the transaction is known as atransaction is known as a
a. joint venture.a. joint venture. c. conglomerate merger.c. conglomerate merger.b. vertical merger.b. vertical merger. d. horizontal mergerd. horizontal merger..
Mr. Weiss
Unit 3Unit 3
48.48.When two or more companies in the same When two or more companies in the same business combine into one corporation, the business combine into one corporation, the transaction is known as atransaction is known as a
a. joint venture.a. joint venture. c. conglomerate merger.c. conglomerate merger.b. vertical merger.b. vertical merger. d. horizontal mergerd. horizontal merger..
Mr. Weiss
Unit 3Unit 3
