
Economics Unit 2 Test
Authored by ANDREW LONG
Geography
9th - 12th Grade
Used 24+ times

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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
______________ is the power of a good or service to command other goods or services in voluntary exchange.
Supply
Demand
Value
Equilibrium
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of a good available in a market is ______________.
Supply
Demand
Value
Equilibrium
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The desire by consumers to buy a specific good is _______________________.
Supply
Demand
Equilibrium
Value
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A ____________ is if the supply of something is high but the demand is low then the price drops.
Surplus
Shortage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the supply of something is low but the demand is high then the price rises is known as a ___________________
Surplus
Shortage
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A state in a market where supply and demand are equal is known as a(n) ___________________.
Scarcity
Shortage
Equilibrium
Surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The factors of production according to Karl Marx are:
Land, Labor, and Capital
Land, Labor, Capital, and Entrepreneurship
Scarcity and Opportunity Cost
Labor, Capital, and Entrepreneurship
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