Microeconomics 1

Microeconomics 1

University

10 Qs

quiz-placeholder

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Microeconomics 1

Microeconomics 1

Assessment

Quiz

Arts

University

Practice Problem

Medium

CCSS
8.EE.B.5

Standards-aligned

Created by

Mary George

Used 43+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the laws of supply and demand, a decrease in demand will cause prices to:

Increase
Decrease
Stay The Same
Equalize

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Law of Supply states 

the supply of a product is not affected by its price
the quantity supplied of a product will increase when the price of the product increases
when the supply of a product decreases, the price of the product falls
when the supply of a product increases, the price of the product rises

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

Economics
Consumer Science
Opportunity Costs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Basic Economic Problem: Mismatch of unlimited wants and needs and unlimited economic resources.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For the law of demand, as price rises, what happens to quantity demanded?

it goes up
it goes down
it stays the same
it is not effected

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At which price is equilibrium?

$1.00
$1.25
$1.50
$1.75

Tags

CCSS.8.EE.B.5

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If, in a market, a particular store notices a lot of merchandise piling up on the shelves and in the stock room, how could they encourage existing buyers to buy the goods?

lower the prices as an incentive to purchase more

produce less to promote scarcity

raise prices to make the goods appear higher in quality

begin producing different products

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