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Unit 2: SSEMI2

History

12th Grade

Used 24+ times

Unit 2: SSEMI2
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10 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

A Fruit Shake Company just upgraded its capital equipment by buying a machine that makes fruit shakes faster and cheaper than the original machine. What effect should this have on the graph?

price rises, quantity rises
price drops, quantity rises
price rises, quantity drops
price drops, quantity drops

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Organizers of many high-interest sporting events such as the Super Bowl and World Cup set prices lower than equilibrium price. This would result in....

a price ceiling, creating a ticket surplus
a price ceiling, creating a ticket shortage
a price floor, creating a ticket shortage
a price floor, creating a ticket surplus

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The principle that consumers tend to buy less of a good or service when its price increases, all else held equal, is called 

the law of supply
the law of demand
the law of increasing costs
the law of maximum satisfaction

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

If there is an increase in income for the households in this market, what is the MOST LIKELY result? 

The equilibrium price will fall
The demand curve will shift to the left
The demand curve will shift to the right 
The supply curve will become a vertical line 

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

According to the graph, what is the equilibrium price of movie tickets?

$10
$600
$14
$20

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

If the price of a good increases, the quantity demanded by consumers and the quantity supplied by producers will change in which of the following ways?

Quantity demanded increases, quantity supplied increases
quantity demanded increases, quantity supplied decreases
quantity demanded decreases, quantity supplied increases
quantity demanded decreases, quantity supplied increases

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

Of the following, which situation could cause the shift of the demand curve from D1 to D2 in the graph above?

Yogurt prices rise due to a milk shortage.
Yogurt prices fall due to a milk surplus.
A new health report says that yogurt makes you sick.
A new health report says that yogurt keeps you healthy. 

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