Unit 3 - Microeconomics

Unit 3 - Microeconomics

9th - 12th Grade

39 Qs

quiz-placeholder

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Unit 3 - Microeconomics

Unit 3 - Microeconomics

Assessment

Quiz

History

9th - 12th Grade

Practice Problem

Hard

Created by

Jessica Grier

Used 92+ times

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39 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

For most products and services, increased price results in

demand for fewer products.
demand for more products
reduced demand for substitutes
increased demand for complements

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An increase in the price of milk causes a decrease in the demand for cereal. The two products are

substitutes
complements
unrelated
demand elastic

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Advertising, fashion trends, and new product introductions serve to

create consumer needs
increase income effectiveness
create consumer demand
minimize the income effect

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Because a modest price increase has little or no effect, the demand for the product is

complementary
inelastic
elastic
unit elastic

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A business doubled the price of a product in order to increase profits. Which of the following scenarios might have occurred?

A sharp increase in revenues demonstrated the elasticity of the product.
A small increase in revenues demonstrated the unit elasticity of the product.
A dramatic decline in revenues demonstrated the elasticity of the product.
A dramatic decline in revenues demonstrated the inelasticity of the product.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A demand schedule shows

an upward-sloping curve that illustrates the positive relationship between price and quantity demanded.
a listing of the various quantities demanded of a particular product at all prices that might prevail in the market.
the fluctuations in demand that occurred over a specified period of time.
the fluctuations in demand scheduled to occur over the following year.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Consumers' willingness to replace a costly item with a less costly item is an example of

the substitution effect
the income effect
demand elasticity
law of diminishing marginal utility

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