Unit 2 Text Review: Supply & Demand

Unit 2 Text Review: Supply & Demand

12th Grade

25 Qs

quiz-placeholder

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Unit 2 Text Review: Supply & Demand

Unit 2 Text Review: Supply & Demand

Assessment

Quiz

Social Studies

12th Grade

Medium

Used 52+ times

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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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