AnswersSHS Lifetime Fitness - 2021Unit Test

Introduction to Macroeconomics Answers

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1
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Both excess supply and excess demand are a result of

A
equilibrium.
B
disequilibrium.
C
overproduction.
D
elasticity.
2
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debtsprofitsexpensescosts

A
debts
B
profits
C
expenses
D
costs
3

According to the law of supply, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from different points toward one another.
D
from the same point away from one another.
4

Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total revenue the company makes after selling 10 boards?

A
$300
B
$350
C
$400
D
$450
5

Which best describes how consumers may benefit from specialization?

A
Consumers can only purchase high-quality goods.
B
Consumers have more price options.
C
Consumers receive more sale offers.
D
Consumers find products at lower prices.
6

The graph shows demand.In order to achieve equilibrium, what else must be included on the graph?

Question illustration
A
disequilibrium
B
supply curve
C
excess supply
D
excess demand
7

Which calculation helps determine which producer has the absolute advantage?

A
Resources used multiplied by amount produced
B
Amount produced divided by resources used
C
Amount produced minus resources used
D
Resources used divided by amount produced
8

Which statement best explains the law of demand?

A
The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
B
The quantity demanded by consumers decreases as prices rise, then increases as prices fall.
C
The quantity demanded by producers increases as prices rise, then decreases as prices fall.
D
The quantity demanded by producers decreases as prices rise, then increases as prices fall.
9

Which most likely results from producers engaging in specialization?

A
Producers reduce their costs.
B
Producers increase their market share.
C
Producers decrease the materials needed for production.
D
Producers always offer more competitive pricing.
10

The graph shows excess demand.Which explains why the price indicated by p2 on the graph is lower than the equilibrium price?

Question illustration
A
As prices fall, quantity demanded goes up.
B
As prices fall, quantity demanded goes down.
C
As prices fall, quantity demanded stays the same.
D
As prices fall, quantity demanded disappears.
11

How do changing prices affect supply and demand?

A
As price increases, both supply and demand increase.
B
As price decreases, both supply and demand decrease.
C
As price increases, supply decreases, but demand increases.
D
As price decreases, supply decreases, but demand increases.
12

A factor that most directly affects the demand for automobiles is

A
the individual tastes and preferences of buyers.
B
the cost of raw materials and natural resources.
C
the availability of workers in automobile factories.
D
a company's ability to respond to buyers' interest.
13

Which best describes the availability of substitutes in a monopoly?

A
Price points vary.
B
There are no substitutes.
C
There are different brands.
D
Products have different features.
15

In economics, if a good is inelastic,

A
consumers have lost an interest in purchasing it.
B
producers have lost an interest in manufacturing it.
C
its supply or demand is too sensitive to price changes.
D
its supply or demand is not sensitive to price changes.
16

Look at the graph examining the market for graphic T-shirts.

Question illustration
A
5 graphic T-shirts on sale for $6
B
10 graphic T-shirts on sale for $30
C
30 graphic T-shirts on sale for $10
D
55 graphic T-shirts on sale for $6
17

The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?

Question illustration
A
15
B
20
C
25
D
30
18

The Davis family grows organic vegetables to sell at a local farmer’s market. Which are factors that directly affect their profit? Check all that apply.an increase in the cost of farm equipmenta rise in demand for organic producean increase in customers at the marketa change in the market price for non-organic fruita sale on organic meats at the market

A
an increase in the cost of farm equipment
B
a rise in demand for organic produce
C
an increase in customers at the market
D
a change in the market price for non-organic fruit
E
a sale on organic meats at the market
19

Which is an example of a product that is considered a need?

A
breakfast food
B
music player
C
sports equipment
D
video game
20

On a graph, an equilibrium point is where

A
a supply curve and a demand curve meet.
B
a supply curve is higher than a demand curve.
C
the supply and demand curves head up.
D
the supply and demand curves head down.
21

demand curvesupply curveequilibrium pointexcess supply

A
demand curve
B
supply curve
C
equilibrium point
D
excess supply

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