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Unit 6 Test

Authored by Thomas Davis

History

5th - 7th Grade

CCSS covered

Used 7+ times

Unit 6 Test
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20 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 

The price will remain the same.
The price will rise.
The price will fall.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Read the following situation to answer the question:

The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?

The price will rise.
The price will stay the same.
The price will fall.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The price at which the quantity demanded by consumers equals the quantity suppled by the producers is know as what?

Competition
The Law of Supply
The Law of Demand
The Equilibrium Price

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

This term refers to how much of a good or service consumers are willing to buy at a particular price.

Demand
Compettition
Supply
Equilibrium Price

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the price of a good is ________________ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.

Lower 
Higher
Supply
Resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

The supply probably went up.

The supply probably went down.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

When the demand for a product or service is higher than the supply this causes what?

shortage
consumer
surplus
equilibrium

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