Econ Topic 3

Econ Topic 3

12th Grade

15 Qs

quiz-placeholder

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Econ Topic 3

Econ Topic 3

Assessment

Quiz

Other

12th Grade

Medium

Created by

Chassity Mahaska

Used 73+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes equilibrium?

the point that shows the greatest possible output
the point where QD and QDS should remain no matter what
the point that shows the highest market price for a good
a point that moves continually in response to market changes in QS and QD

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be a complement to flashlights in the context of demand for goods?

floodlights
batteries
candles
binoculars

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following might have forced a firm to cut prices?

equilibrium in the market
elasticity in the market
a shortage in the market
a surplus in the market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does a government place price ceilings such as rent control on some essential goods?

to keep business people from making large profits
to prevent inflation during boom times
to reduce demand for these goods
to keep these goods from becoming too expensive

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On which of the following goods or services might a tax increase be hardest to pass on to customers?

groceries
automatic car washes
gasoline
prescription medication

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers rely on prices to help them

choose among similar products.
decide which products suit their lifestyle.
find clothing that fits them best.
discover the latest high-technology gadgets.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who generally bears most of a sales tax when the demand for the good taxed is inelastic?

the wholesaler
the consumer
the producer
the retailer

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