1. Interpreting Graphs
EOCT Prep

2. In the market seen here, the shift from P, Q to P1, Q1 was the result of which effect?
decreased supply
increased supply
increased demand
decreased demand

3. In the market seen here, a government-mandated price of $5 would cause?
price floor with a surplus of 40 widgets
price ceiling with a surplus of 20 widgets
price floor with a shortage of 20 widgets
price ceiling with a shortage of 40 widgets

4. Which term belongs in the blank rectangle in the center of the diagram?
government
resource market
money
goods and services

5. Fastest Responders
Seconds
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6. Which describes what has happened in the graph?
An increase in demand has caused a decrease in equilibrium price.
Demand has increased, causing an increase in equilibrium quantity.
The increase in supply has caused an increase in equilibrium quantity
Supply has decreased, causing an increase in equilibrium price.

7. Using the market graph seen here, what will happen over time if Widgets are initially priced at $5?
Competition will drive the price of widgets higher.
Demand will increase to meet the equilibrium quantity of 120.
Market forces will push the price towards $3.
Supply will decrease because fewer people will buy widgets.

8. Arrows 1 and 2 on this circular flow diagram represent
money flow
prices
Taxes
goods and services

9. 20 gallons of milk 7 pounds of cheese 3 pounds of cheese
If the producer in the PPC seen here is producing at point X, moving to point Z would mean an opportunity cost of
20 gallons of milk
7 pounds of cheese
3 pounds of cheese
10 gallons of milk

10. Fastest Responders
Seconds
Participant

11. Which statement is true concerning absolute advantage?
Use the data below to answer the question.
JAPAN U.S.A. Cars Computers
Japan has absolute advantage in the production of cars.
Japan has absolute advantage in the production of both goods
Japan has no absolute advantage in this scenario.
Japan has absolute advantage in the production of computers.

12. Which BEST explains the shift seen in the market graph here?
cheaper resource prices for drink producers
bankruptcies by several drink producers
decreased preference for energy drinks
increased government taxes on drink producers

13. In the picture below, a price of .40 represents which situation?
A shortage because the price is below equilibrium.
A shortage because the price is above equilibrium
A surplus because the price is above equilibrium.
A surplus because the price is below equilibrium.

14. Which arrows on this diagram would represent the transaction between Joe who rents his office to Homework Inc., a company that provides tutoring services?
5,6
2,3
4,7
1,2

15. In the graph seen here, equilibrium is represented by which combination of price and quantity?
price of $5, quantity of 80
price of $5, quantity of 120
price of $3, quantity of 80
price of $3, quantity of 100

16. Which statement is correct concerning the PPC seen here?
Producing at point X is inefficient because the farmer loses cheese.
Point Z is unsustainable because it requires more resources that the farmer has.
Moving from Z to X incurs an opportunity cost of 10 lbs of cheese
Moving from Z to X incurs an opportunity cost of 7 lbs of cheese.

17. Based on the PPF, which is true about countries A and B?
Country B has more resources in general
Country A has fewer resources to make fish, but more resources to make coconuts
Country A has more resources in general
Country B has fewer resources to make fish, but more resources to make coconuts

18. Arrows 4 and 7 on this circular flow diagram demonstrate
taxes
goods and services flow
prices
money flow

19. Which term belongs in the empty box near the bottom of the picture?
stock market
goods and services
taxes
resource market

20. Fastest Responders
Seconds
Participant

21. Which statement is true about this production possibilities curve?
Moving from point X to point Y incurs an opportunity cost of guns.
This country does not have to give up any guns to produce more butter
At point X, this country is producing more butter than guns.
Moving from point X to point Y incurs and opportunity cost of butter.

22. Participant Leaders
Points
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