Economic multiple choice questions ?
1. The key feature of the supply curve is thatit is level.it rises from right to left.it rises from left to right.it goes up and down.2.According to your textbook, what are inferior goods?goods that are not well producedgoods that no one wants to buygoods for which the demand rises when income fallsgoods for which the demand falls when income rises3.Which of the following are the best examples of complement goods?ice cream and frozen yogurtshoes and shoelacesoranges and appleschocolate drink and cocoa4.Which of the following are the best examples of substitute goods?pears and goats milkice cream and frozen yogurtshoes and shoe waxsoda and drinking straws5.Which of the following is an example of the way in which the use oftechnology can lower the cost of producing an item?the importing of fresh vegetables from South America rather than using canned vegetablesthe making of breads in local shops rather than large bakeriesthe use of e-mail to replace slower surface mailthe delivery costs of gasoline to the consumer by diesel trucks6. Which of the following is NOT one of the normal methods that the U.S. government uses to influence the supply of a product?regulationssubsidiestaxesenforced rationing7.Which of the following is imposed when the government wants sellers to receive some minimum reward for their goods and services? price ceilingcapital gainprice floorequilibrium law8.Explain how both increases and decreases in supply and demand can alter equilibrium prices.9.discuss the advantages of using prices in the marketplace, as well as the various benefits of a price-driven economy.10.discuss the four requirements that a market must have in order to meet the criteria of a perfectly competitive market as well as the factors that can lead to imperfect competition in a market.
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