Lesson 1-2 Practice Quiz
TOTAL POINTS 3
1.
Question 1
There is a market for bread; wheat flour is an ingredient for making bread. Now, the
price of wheat flour rises. This will cause the demand curve for bread to shift to the
left.
True
False
Cannot be
determined 2.
Question 2
There is a market for bread; wheat flour is an ingredient for making bread. Now, the
price of wheat flour rises. The supply curve for bread shifts to the left.
True
False
Cannot be
determined 3.
Question 3
There is a market for bread; wheat flour is an ingredient for making bread. Now, the
price of wheat flour rises. Which of the following changes in equilibrium price and
quantity of bread is seen?
Price increases, quantity remains same
Price decreases, quantity decreases
,Price increases, quantity increases
Price increases, quantity decreases
Cannot be determined
Price decreases, quantity increases
Price remains the same, quantity decreases
,Lesson 1-1 Practice Quiz
Practice Quiz • 30 min
Lesson 1-1 Practice Quiz
TOTAL POINTS 3
1.
Question 1
From smallest amount of owners to largest, which of the following orders best
represents the different types of firms based upon the average number of owners in
those type of firms?
Not enough information to answer
Sole proprietorships, partnerships, corporations
Sole proprietorships, corporations, partnerships
Partnerships, sole proprietorships,
corporations 2.
Question 2
Since they have no control over price, we know that a perfectly competitive firm in the
short run will shut down if economic profits are negative.
True
Fals
e 3.
Question 3
Which of the following factors is a good indicator of the market structure of an industry?
, Number of consumers in the market
Number of firms in the market
Number of products in the market
Number of owners of each firm in the market
TOTAL POINTS 3
1.
Question 1
There is a market for bread; wheat flour is an ingredient for making bread. Now, the
price of wheat flour rises. This will cause the demand curve for bread to shift to the
left.
True
False
Cannot be
determined 2.
Question 2
There is a market for bread; wheat flour is an ingredient for making bread. Now, the
price of wheat flour rises. The supply curve for bread shifts to the left.
True
False
Cannot be
determined 3.
Question 3
There is a market for bread; wheat flour is an ingredient for making bread. Now, the
price of wheat flour rises. Which of the following changes in equilibrium price and
quantity of bread is seen?
Price increases, quantity remains same
Price decreases, quantity decreases
,Price increases, quantity increases
Price increases, quantity decreases
Cannot be determined
Price decreases, quantity increases
Price remains the same, quantity decreases
,Lesson 1-1 Practice Quiz
Practice Quiz • 30 min
Lesson 1-1 Practice Quiz
TOTAL POINTS 3
1.
Question 1
From smallest amount of owners to largest, which of the following orders best
represents the different types of firms based upon the average number of owners in
those type of firms?
Not enough information to answer
Sole proprietorships, partnerships, corporations
Sole proprietorships, corporations, partnerships
Partnerships, sole proprietorships,
corporations 2.
Question 2
Since they have no control over price, we know that a perfectly competitive firm in the
short run will shut down if economic profits are negative.
True
Fals
e 3.
Question 3
Which of the following factors is a good indicator of the market structure of an industry?
, Number of consumers in the market
Number of firms in the market
Number of products in the market
Number of owners of each firm in the market
