Practice Quiz

CLEP Microeconomics Exam Prep - Question List

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31. The short term aggregate supply curve slopes upwards due to these reasons except:
  1. Worker misperception
  2. Market saturation
  3. Imperfect information
  4. Sticky wage
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32. Which of the following questions is not likely to result from positive economics?
  1. How much will a new shipping tax increase oil prices?
  2. Will an increase in health insurance premiums lower wages in mid-sized companies?
  3. Should the state increase the eligibility bracket for workers’ compensation?
  4. Why is the price of free chlorine $8.50 per container?
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33. In lowest income neighborhood grocery stores, consumers are limited to one or two breakfast cereals that they can purchase. This is a limitation in:
  1. Caloric variety
  2. Choice
  3. Opportunity
  4. Over-consumption
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34. Economics is the study of how people:
  1. Allocate societal resources by purchasing goods and services
  2. Gain access to local and foreign markets
  3. Produce goods and services at the lowest production costs
  4. Make profits and reduce unemployment
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35. According to a demand curve, the prices of goods and services are determined given quantities. The following are determinants of consumer demand except:
  1. Consumer tastes
  2. Availability of substitute goods
  3. Distribution of income
  4. Market speculation
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