Practice Quiz

CLEP Microeconomics Exam Prep - Question List

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11. Which of the following refers to the graphical method of illustrating the complicated economic relationship between consumption and spending?
  1. The scarcity and demand curve
  2. The supply and demand paradigm
  3. The market equilibrium balance
  4. The production possibilities curve
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12. Which of the following might be a reason that a monopoly could exist?
  1. A business owns a patent on a good, service, or idea
  2. Economies of scale exist
  3. A single business owns one of the most important resources used to make a good
  4. All of the above
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13. Suppose that Mike is bidding on a superhero figure at a comic book convention. Mike tells the seller that he is looking for a particular figure and he is willing to pay a maximum of $150 for it. The seller says that he has the exact figure that Mike is looking for and he will sell it for $150. Which of the following statements is true about this situation?
  1. The seller will not be able to sell the figure to Mike
  2. Mike gains a $150 consumer surplus
  3. The seller gets a $150 consumer surplus
  4. Mike does not get a consumer surplus
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14. Which group within the government helps the Department of Justice to enforce antitrust laws?
  1. Congress
  2. The Federal Trade Commission
  3. The FDIC
  4. The Social Security Administration
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15. What is the difference between a level of production that would be optimal for society and the actual market level?
  1. Spillover costs
  2. Coase theorem
  3. Market failure
  4. Negative internality
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