Economics - Unit 2

Economics - Unit 2

12th Grade

19 Qs

quiz-placeholder

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Economics - Unit 2

Economics - Unit 2

Assessment

Quiz

History

12th Grade

Hard

Created by

Ryanne Phillips

Used 3+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a place where economic products are bought and sold

good

service

market

demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

small change in a good's price causes a major, opposite change in the quantity demanded

elastic

inelastic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a change in good's prices has little impact on the quantity demanded

elastic

inelastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

small changes in price causes HUGE changes in the amount demanded

elastic demand

inelastic demand

supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a change in price has little to no impact on the amount demanded

elastic demand

inelastic demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

an increase in good's price causes a decrease in the quantity demanded AND a decrease in price causes an increase in the quantity demanded

elastic demand

inelastic demand

law of demand

law of supply

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an economic concept to help explain the law of demand

income effect

replacement effect

substitution effect

diminishing marginal value

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