Economics+-+Microeconomics

Institutions, Organizations, and Government (JH)

 * //__Sample Questions:__//**


 * 1) Of a change in expectations, a change in input prices, a change in the number of sellers, changes in technology, and a change in interest rates, only (Blank) will NOT cause a shift in the supply curve.
 * 2) When a group of sellers of a particular good agree to cooperate to maximize profits, it is called (Blank).
 * 3) The goal of a firm in a competitive economy is to (Blank).
 * 4) (Blank) is a branch of economics that focuses primarily on the behavior of households, individuals, and firms.
 * 5) A good is said to have reached (Blank) when the quantity demanded is equal to the quantity supplied.
 * 6) Of labor costs, income tax, rent, utilities, and materials, only (Blank) is NOT an input cost.
 * 7) The term that economists use to describe the quantity of a good that consumers are willing and able to purchase at various prices is called the (Blank).
 * 8) A (Blank) is a single seller of a good with no substitutes.
 * 9) The costs that a firm pays even if it produces nothing is called (Blank).
 * 10) A decrease in the price of a product will cause the demand curve for its substitutes to shift to the (Blank).
 * 11) A good whose price does not affect the quantity demanded at all has a demand curve that is (Blank).
 * 12) Goods for which demand increases when income rises and decreases when income falls are called (Blank).
 * 13) The increase in costs that occurs when producing an additional unit of output is known as (Blank).
 * 14) The percentage change in the quantity demanded divided by the change in price is known as the (Blank).
 * 15) The term that economists use to describe the quantities of a good that a firm can sell at different prices is called the (Blank).
 * 16) When a decrease in the price of one good causes an increase in the demand for the other, these two goods are called (Blank).
 * 17) Of interest rates, government spending, the price level, imports and exports, and consumption, all will cause a shift in the aggregate demand curve EXCEPT a change in (Blank).
 * 18) What are the conditions for a perfectly competitive market?
 * 19) An increase in the quantity demanded for a certain good occurs when (Blank)?