Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 6
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. A price ceiling will be binding only if it is set
a. equal to the equilibrium

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 8
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. In 1776, the American Revolution was sparked by anger over
a. the extravagant

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 13
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. Which field of economics studies how the number of firms affects the prices

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 1, 2, and 3
Identify the choice that best completes the statement or answers the question.
_
1. The adage, "There is no such thing as a free lunch," is used to illustrate the prin

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 14
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. Which of the following characteristics of competitive markets is necessary f

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 11
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. Government policy can potentially raise economic well-being
a. in all market

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 4.
Identify the choice that best completes the statement or answers the question.
_1. Which of the following is not an example of a market?
a. A small town has only one seller of

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 10
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. The term market failure refers to
a. a market that fails to allocate resourc

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 7
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. Consumer surplus is
a. the amount a buyer is willing to pay for a good minus

Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 15
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. Which of the following is not a characteristic of a monopoly?
a. barriers to

1
Principles of Microeconomics ECON 120 Dr. Le
Practice Questions for Chapter 5
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. Elasticity is
a. a measure of how much buyers and sellers respond to change