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Economics

Authored by Anthony Marshall

Social Studies

12th Grade

Economics
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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

Prices or availability of substitutes
Prices or availability of complementary goods
Change in the weather or season
Change in the number of buyers

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

Change in cost of production
Changes in number of producers
Changes in expectations

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The market equilibrium price is the price at which

surpluses depress the number of goods supplied
shortages and surpluses will have no effect on the market
the government will not intervene in the market
the quantity demanded is the same as the quantity supplied

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

When there is a shortage the price will usually? 

rise
fall
remain the same
equilibrium

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

rise
fall
stay the same
Consumer

6.

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Factors that cause the supply or demand to change are called?

equilibrium
shifter
demand
producer

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