
Economics - Unit 2
Quiz
•
History
•
12th Grade
•
Hard
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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