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Demand & Supply

Authored by Yo Ma

Social Studies

10th Grade - University

10 Questions

Used 202+ times

Demand & Supply
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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The Law of Demand states the price and quantity demanded are ______ related.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When the price of gasoline increases, Jerome starts to carpool is order to use less gasoline. This is a good example of the:

Substitution Effect

Reflection Effect

Surplus Effect

Income Effect

3.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which ones of these are examples of inferior goods? Check all the ones that apply.

Fast Food

Electricity

Cruise on a Ship

Public Transportation

Milk

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following products is likely to have the strongest income effect?

Higher Education

Cereal

A Gold Bracelet

French Fries

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

If the price is above the equilibrium price, there is going to be a _______________ in the market.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A computer and a printer are an example of two ...

Inferior Goods

Complements

Inputs

Substitutes

7.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which of the following will shift the supply curve for a good? Check all the ones that apply.

An increase in income

The number of consumers

The price of inputs

Production technology

The price of the good

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