12th Grade Consumer Equilibrium Quizzes, Questions & Answers

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In business today, one has to have adequate knowledge of economics and how it affects businesses and their activities. There are some factors within the economy to watch out for if you have a business such as interest rates,...

Questions: 10 | Attempts: 1560 | Last updated: Oct 18, 2025

Sample Question 1
Which of the following would be a topic emphasized in a microeconomics class?

How a nation's GDP is computed

The reason's why the unemployment rate for the economy is rising or falling

How market conditions determine the price of a specific product

How the government can use fiscal and monetary policies to stabilize the economy

Sample Question 2
For many years, Congressman Reggie Lader has called for more government regulation of business. "After all," the Congressman said recently, "business people are out to make a profit, not to create jobs or serve their customers. The government must pass more laws to require business to take the interests of consumers and workers into account." From these comments, it is clear that Congressman Lader:

Agrees with the ideas of Thomas Malthus

Does not accept the philosophy behind Adam Smith's invisible hand

Is unaware of the fact that most businesses in the United States are actually owned by the government

Does not realize that government regulation is already the main determinatinant of business decisions in capital economies

Sample Question 3
When the supply curve and demand curve for a particular good are on a single graph, the point at which the two curves intersect identifies the:

Total profit earned by producers

Total amount of labor that will be employed in the market

Amount of time it takes to bring together the buyers and sellers of the good

Equilibrium price of the good