At a price above the equilibrium price, there is ______.

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(a) A shortage

(b) A surplus

(c) Excess demand

(d) Super –equilibrium

(e) None of the above


At a price for which quantity demanded exceeds quantity supplied ,a __________ is experienced , which pushes the price______ toward its equilibrium value.

(a) Surplus; downward

(b) Surplus: upward

(c) Shortage: downward

(d) Shortage: upward


The minimum wage is an example of a ___________.

(a) Price door

(b) Price wall

(c) Price floor

(d) Price ceiling


The supply of product X is perfectly inelastic if the price of X rises by _________.

(a) 5 percent and quantity supplied rises by 7 percent

(b) 8 percent and quantity supplied rises by 8 percent

(c) 7 percent and quantity supplied rises by 5 percent

(d) 10 percent and quantity supplied remains the same


If the purchase and sale of a currently illegal drug such as marijuana were decriminalized , we would expect _______.

(a) An increase in demand and supply of this drug

(b) An increase in demand and a decrease in supply of this drug

(c) A decrease in demand and an increase in supply of this drug

(d) A decrease in demand and supply of this drug


John just bought shares of stock in IBM for  $10,000 and paid a $90 commission to his broker . How did this affect GDP (Gross domestic Product)?

(a) It had no impact on GDP.

(b) GDP (Gross Domestic Product) increased by $90

(c) GDP (Gross Domestic Product) increased by $10,000

(d) GDP (Gross Domestic Product) increased by $9,990

(e) GDP (Gross Domestic Product ) increased by $10,0903


Which one of the following will cause a movement down along an economy’s consumption schedule?

(a)An increase in stock prices.

(b) A decrease in stock prices.

(c) An increase in consumer indebtedness.

(d) A decrease in disposable income.



The largest component of national income is __________.

(a) Rental income

(b) Proprietor’s income

(c) Compensation of employees

(d) Corporate profits

(e) Net interest


According to the theory of efficiency wages:

(a) The most profitable firms keep wages low.

(b) Above –equilibrium wages are paid by the firm to increase worker productivity.

(c) Some occupations are predominantly male and some are predominantly female.

(d) Differences in human capital explain why firms pay high wages.



If the CPI (Consumer Price  Index ) is 170 and nominal income is $ 75,000, approximately what does real income equal?

(a) $127,500

(b) $74,825

(c) $75,175

(d) $44,118


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