Unit 2 Econ Review

Unit 2 Econ Review

Assessment

Flashcard

History

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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14 questions

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1.

FLASHCARD QUESTION

Front

The inverse relationship between price and quantity that describes what consumers will buy is

Back

Law of Demand

2.

FLASHCARD QUESTION

Front

What is the substitution effect?

Back

When a consumer switches from one product to another due to a change in relative prices.

3.

FLASHCARD QUESTION

Front

Charlotte is more likely to purchase a similar product to her favorite snack because:

Back

It is less expensive

4.

FLASHCARD QUESTION

Front

When the price of a product increases, the demand for the product will DECREASE

Back

True

5.

FLASHCARD QUESTION

Front

Zoe, Kai, and Ethan are running a lemonade stand. As consumers' tastes change in favor of their lemonade, demand will shift to the

Back

Right

6.

FLASHCARD QUESTION

Front

Why is market equilibrium important to know?

Back

It allows people to know what the price of good or services will be.

7.

FLASHCARD QUESTION

Front

Which of the following is NOT a demand shifter? Options: Income of consumers, Increase in population, An increase in supply, Tastes and Preferences

Back

An increase in supply

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