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Economic Terms (#18-34)

Authored by Jamie Garland

History

7th - 8th Grade

Used 3+ times

Economic Terms (#18-34)
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24 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of the following will cause an increase in demand for snowboards?

More costly production methods 
A decrease in the price of lift tickets at resorts in Colorado 
A decrease in consumer income   
A decrease in the population 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of the following would not affect the supply of peanut butter?

The price of peanuts 
The wages of peanut butter factory workers 
The income of peanut butter consumers
Existing peanut butter making technology

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What does a “surplus” (extra amount) of goods in a market imply?

Prices are too high
Prices are too low
Supply is too low
Demand is too high

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

Demand for gasoline will decrease 
Demand for gasoline will increase
Demand for gasoline will stay the same

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?

Supply of gasoline will decrease 
Supply of gasoline will increase
Supply of gasoline will stay the same

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When inflation occurs...

Price decreases in the economy
The purchasing power of money decreases in the economy
The dollar appreciates on foreign exchange markets
Basic necessities become cheaper

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Comparing the cost of two markets baskets of goods allows an economist to determine

The Producer Price Index
The Consumer Price Index
The current direction of GDP
How much unemployment is in the economy

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