Economics Review

Economics Review

9th - 12th Grade

18 Qs

quiz-placeholder

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Economics Review

Economics Review

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

KATELYN SEDENQUIST

Used 1+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A _____________ is a graph that shows the amount of a product that would be bought at all prices in the market

supply curve

law of demand

demand curve

market demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Some products, such as DVD players and DVDs, are called ___________ because demand for one moves in the opposite direction as price for the other

substitutes

surplus

elastic

complements

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The methods or services used to make goods and services are called

factors

technology

resources

production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the ____________ price there is neither a surplus or a shortage

profitable

ceiling

exchange

equilibrium

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, quantity demanded and price

move in the same direction

depend on marginal utility

move in opposite directions

are not related

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Diminishing marginal utility is the explanation for the consumer's decision to ________

buy multiple things for the same price

buy only one dessert with a meal

purchase more CDs of a favorite singer

buy expensive gifts for close friends

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total demand may change if more consumers enter the market, consumer tastes change, or

consumer expectations change

substitutes become popular

demand is inelastic

supply remains the same

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