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Unit 2 Test Study Guide 2020/ 2021

Authored by Rebecca Campbell

Social Studies

12th Grade

Used 28+ times

Unit 2 Test Study Guide 2020/ 2021
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30 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When there is a surplus of a good or service in the market prices will _____.

increase

decrease

remain the same

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

According to the Law of Demand, what type of relationship does the price of a product have to the quantity demanded of that product?

inverse

direct

neutral

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

How does an improvement in technology affect supply of a good?

increases

decreases

no change

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The _____ curve represents buyers in a market.

supply

demand

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The interaction of supply and demand are called______.

Concepts

Guesses

Theories

Laws

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a shifter of demand (that makes the curve shift to the right or left)?

A decrease in price of the good

A change in the price of a resource

A change in price of a related good

An increase in price of the good

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a shifter of Supply?

a change in the price of a related good

An increase in the price of a good

A decrease in the price of a good

a change in the cost of the resources that are used to produce the good

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