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Economics Chapter 5 Review

Authored by Christian Dyer

Social Studies

11th - 12th Grade

Used 61+ times

Economics Chapter 5 Review
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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason for firms to exist?

To provide goods & services that people need

To make a profit

To provide for the common good

To use as many resources as possible

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity of a good or service that a firm is willing and able to supply at a particular price in a given time

Supply

Quantity Supplied

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The relationship between price and quantity supplied...AKA all possible quantities supplied at every possible price

Supply

Quantity Supplied

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true according to the law of supply?

As price increases, quantity supplied increases

As price decreases, quantity supplied increases

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A table that lists the quantities supplied by a firm at every possible price

Supply Schedule

Supply Curve

Demand Schedule

Demand Curve

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A graph representing the data from a supply schedule

Supply Schedule

Supply Curve

Demand Schedule

Demand Curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The relationship between price and quantity supplied in regards to ALL firms in the market

Supply

Market Supply

Quantity Supplied

Supply Curve

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