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Microeconomics sample practice multiple choice questions

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BUSINESS ECONOMICS CEC2 532-751 & 761 PRACTICE MICROECONOMICS MULTIPLE CHOICE QUESTIONS Warning: These questions have been posted to give you an opportunity to practice with the multiple choice format of questioning and to help you review and understand more deeply the material taught. In no way should you assume that the level of difficulty of the multiple choice questions shown here is the same as that of the questions to be given in the exam. 1) Which of the following is a microeconomics statement? a) the real domestic output increased by 2.5 percent last year. b) Unemployment was 9.8 percent of the labour force last year. c) The price of wheat declined last year. d) The general price level increased by 4 percent last year. 2) If we say that two variables are inversely related, this means that: a) the two graph as an up-sloping line b) an increase in one variable is associated with a decrease in the other c) an increase in one variable is associated with an increase in the other d) the resulting relationship can be portrayed by a straight line parallel to the horizontal axis 3) If the equation y = 5 + 0.6x was graphed, the : a) slope would be –5 b) slope would be +5 c) slope would be +0.6 d) vertical intercept would be +0.6 4) In the simple circular flow model: a) households are suppliers of resources b) businesses are suppliers of final products c) households are demanders of final products d) all of the above are true 5) The simple circular flow model shows that: a) households are on the demand side of both product and resource markets b) businesses are on the supply side of both product and resource markets c) households are on the supply side of the resource market and on the demand side of the product market d) businesses are on the demand side of the product market and on the supply side of the resource market 6) The law of demand states that: a) price and quantity demanded are inversely related b) the larger the number of buyers in a market, the lower will be product price c) price and quantity demanded are directly related d) consumers will buy more of a given product at high prices than they will at low prices 7) The demand curve shows the relationship between: a) money income and quantity demanded b) price and production costs c) price and quantity demanded d) consumer tastes and the quantity demanded 8) The relationship between quantity supplied and price is _______________ and the relationship between quantity demanded and price is _________________________. a) direct, inverse b) inverse, direct c) inverse, inverse d) direct, direct 9) “When the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower.” This statement describes: a) an inferior good b) the rationing function of prices c) the substitution effect d) the law of supply e) the income effect 10) One reason why the quantity of a good demanded increases when its price falls is that the : a) price decline shifts the supply curve to the left b) lower price shifts the demand curve to the left c) lower price shifts the demand curve to the right d) lower price increases the real incomes of buyers, enabling them to buy more 11) A shift to the right in the demand curve for product A can be most reasonably explained by saying that: a) consumer incomes have declined and they now want to buy less of A at each possible price b) the price of A has increased and, as a result, consumers want to purchase less of it c) consumer preferences have changed in favour of A so that they now want to buy more at each possible price d) the price of A has declined and, as a result, consumers want to purchase more of it e...
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