
Unit 2 Text Review: Supply & Demand
Social Studies
12th Grade
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What kind of system is the United States economy based on?
Command Economy
Traditional Economy
Market Economy
Constitutional Economy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If prices will go up in the future, what happens to current demand?
it goes up
it goes down
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic principle of the law of demand?
When a good's price is low, people will buy more of it
When a good's price is low, people will buy less of it
When a good's price is high, people will buy more of it
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The income effect says that when prices rise, what happens to income?
It buys more
It buys less
nothing
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean when the demand for a product is inelastic?
A price increase does not have a significant impact on buying habits.
A price increase has a significant impact on buying habits.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As prices increase, will a seller make more or less of a good?
more
less
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On which kinds of goods do governments generally place price ceilings?
Those that are cheap but could become more expensive without the ceiling
Those that are not necessary but have become customary
Those that are essential and cheap
Those that are essential but too expensive for some consumers
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