Applie economics Week 3

Applie economics Week 3

11th - 12th Grade

10 Qs

quiz-placeholder

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Applie economics Week 3

Applie economics Week 3

Assessment

Quiz

Journalism, Other

11th - 12th Grade

Practice Problem

Medium

Created by

Maria Belostrino

Used 31+ times

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10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The law of supply says that ―at higher prices, sellers will supply more of economic goods.

True

False

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The upward slope of the supply curve illustrates the law of demand— ―higher price leads to a higher quantity supplied, and vice versa‖.

True

False

3.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Time is important to supply because suppliers must react quickly to a change in demand or price.

True

False

4.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The downward slope of the demand curve illustrates the law of supply—the inverse relationship between prices and quantity demanded.

True

False

5.

MULTIPLE SELECT QUESTION

1 min • 1 pt

A shift in a demand or supply curve occurs when quantity demanded or supplied changes even though price remains the same.

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Explain the interaction between the sellers of a resource and the buyers for that resource.

Equilibrium

The law of demand

The law of supply

The law of supply and demand

7.

MULTIPLE SELECT QUESTION

1 min • 1 pt

It states that, higher the price, the higher the quantity supplied.

The law of supply

The law of demand

Constant

Curve

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