Economics Final Review

Economics Final Review

9th - 12th Grade

37 Qs

quiz-placeholder

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Economics Final Review

Economics Final Review

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

Elizabeth Wright

Used 5+ times

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37 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1. The ________________ says that quantity demanded varies inversely with price, other things constant.

Demand

Law of Demand

Supply

Law of Supply

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The more of a good a person consumes per period, the smaller the increase in total utility from consuming one more unit, other things constant.

Demand

Law of Demand

Marginal Utility

Law of diminishing marginal utility

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A curve or line showing the quantities of a particular good demanded at various prices during a given time period.

Demand Curve

Quantity demanded

Supply Curve

Supply Demanded

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is the correct formula for the elasticity of demand?

Change in the price of the product/ change in the quantity demanded

Change in the quantity demanded/ change in the price of the product

% change in the price of the product/ % change in the quantity demanded

% change in the quantity demanded/ % change in the price of the product

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Indicates how much of a good producers are willing and able to offer for sale per period at each possible price, other things constant

Demand

Law of Demand

Supply

Law of Supply

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Increase or decrease in supply resulting from a change in one of the determinants of supply other than the price of the good.

Supply

Elasticity of Supply

Movement along a supply curve

Shift of a supply curve

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A period during which at least one of a firm’s resources is fixed

Short run

Long run

Total product

marginal product

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