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FBLA Economics Test 3
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FBLA Economics Test 3
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25 Questions

1. If the price of coffee increases and this results in the demand for tea increasing,
2. Tom and Pam can both paint and do accounting. Pam is better at both. She is ten times the painter and five times the accountant. According to comparative advantage, what should each specialize in?
3. Suppose two countries trade. Country A produces wheat and trades with Country B for corn. What is the likely outcome?
4. Which market structure is most likely economically efficient?
5. The following describes a monopsony:
6. Expansionary fiscal policy, which leads to higher interest rates and less private investment, is called the
7. A vertical supply curve has an elasticity of supply of
8. When supply decreases, the equilibrium price in the market will
9. Increased government regulations will likely have what effect on the costs of production and supply in product markets?
10. Firms maximize profits when producing where?
11. The Law of Demand states that as an individual's income rises, the individual will buy more.
12. Which of the following describes a tariff?
13. When demand decreases, the equilibrium price in the market will
14. Suppose demand and supply increase by equal amounts. What happened to the equilibrium price?
15. Which of the following describes a quota?
16. In competitive market structures, economic profits are always greater than zero in the long run.
17. Getting rid of environmental laws will
18. When supply decreases more than demand increases, equilibrium quantity will
19. Local Government collects most of its tax revenue from
20. If the dollar appreciates versus the yen, the following is true:
21. Suppose the governments of the world raise business taxes, what is the likely effect on supply?
22. China has surpassed the United States as the largest economy in the world.
23. A monopolistic competitive industry is controlled by one firm that sets prices.
24. What is the correct fiscal policy when a recession is caused by a decrease in aggregate demand?
25. An easy money or expansionary monetary policy is used to fight

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