
Economics Final Review
Quiz
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Other
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9th - 12th Grade
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Medium
Elizabeth Wright
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37 questions
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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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