Economics unit 2

Economics unit 2

Assessment

Flashcard

Social Studies

9th Grade

Hard

Created by

Wayground Content

FREE Resource

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39 questions

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1.

FLASHCARD QUESTION

Front

Which product would be considered inelastic? You pizza can have a large increase in price and slight change in demand, Your pizza can have a large change in price with a high change in demand, You create the most delicious pizza ever, you can jack that price up, but alas, demand has plummeted as this is not Chic fil a., A massive change in demand results in a small change in price.

Back

You pizza can have a large increase in price and slight change in demand

2.

FLASHCARD QUESTION

Front

Let us assume you are a politician. Why would you argue in favor of a price ceiling?

Back

To protect consumers.

3.

FLASHCARD QUESTION

Front

When would you decide to raise the price of your product? Options: when demand rises, when supply in the area reaches a certain point, when you can find a cheap substitute, when the cost of your inputs goes down.

Back

when demand rises.

4.

FLASHCARD QUESTION

Front

When a price ceiling is put in place on gas, long lines happen because of what?

Back

there is a shortage because producers supply less.

5.

FLASHCARD QUESTION

Front

when a price ceiling is put in place, who benefits?

Back

consumers

6.

FLASHCARD QUESTION

Front

Under what circumstance is the price of a good likely to rise?

Back

when demand increases, gotta make that $$$$.

7.

FLASHCARD QUESTION

Front

Cereal and milk are considered what?

Back

complementary good (companion goods)

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