Unit 2 Microeconomics

Unit 2 Microeconomics

12th Grade

15 Qs

quiz-placeholder

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Unit 2 Microeconomics

Unit 2 Microeconomics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

David Brown

Used 752+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Represents how goods, services, and money move through our economy.

Circular Flow Diagram

Supply Curve

Demand Curve

Supply and Demand Curve

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The arena of exchange in which firms purchase the factors of production from households.

Product Market

Factor Market

Price Floor

Circular Flow

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The arena of exchange in which households purchase goods and services from firms.

Factor Market

Supply Curve

Product Market

Circular Flow

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers will buy more of a good when its price is lower and less when its price is higher.

Law of Demand

Law of Supply

Price Floor

Price Ceiling

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producers offer more of a good or service as its prices increases and less as its price falls.

Law of Demand

Law of Supply

Price Floor

Price Ceiling

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The point at which the quantity demanded for a product or service is equal to the quantity supplied of that product or service.

Equilibrium

Price Stability

Shortage

Supply

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A minimum price consumers are required to pay for a good or service.

Price Ceiling

Market Clearing Price

Equilibrium

Price Floor

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