Practice Quiz

CLEP Microeconomics Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
16. Which of the following is one of the reasons that the labor curve might shift?
  1. Immigration
  2. Change in tastes or cultural norms
  3. There are opportunities available in other labor markets
  4. All of the above
See answer
17. What is the correct equation for determining the elasticity of supply?
  1. Percentage change in quantity demanded/percentage change in price
  2. Percentage change in quantity demanded/percentage change in income
  3. Percentage change in quantity supplied/percentage change in price
  4. Percentage change in quantity supplied/percentage change in quantity demanded
See answer
18. What is the correct term for the ability to produce something with a lower opportunity cost?
  1. Comparative advantage
  2. Absolute advantage
  3. Opportunity cost advantage
  4. Efficiency
See answer
19. Which of the following is not an example of the government’s attempt to reduce national poverty?
  1. Welfare
  2. Social Security
  3. Income taxes
  4. Minimum wage laws
See answer
20. Which of the following measures the benefit of a buyer in participating in a particular market for goods?
  1. Tax incidence
  2. Price elasticity of demand
  3. Producer surplus
  4. Consumer surplus
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode