Market Equilibrium NCEA Level 1 Revision

Market Equilibrium NCEA Level 1 Revision

11th Grade

10 Qs

quiz-placeholder

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Market Equilibrium NCEA Level 1 Revision

Market Equilibrium NCEA Level 1 Revision

Assessment

Quiz

Other, Social Studies, Business

11th Grade

Easy

Created by

Naomi Chapman

Used 5+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the market situation when the price is $1.60 per gallon of gasoline?

Surplus

Shortage

Equilibrium

Law of demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the market situation when the price is $1.40 per gallon of gasoline?

Surplus

Shortage

Equilibrium

Law of demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the market situation when the price is $1.00 per gallon of gasoline?

Surplus

Shortage

Equilibrium

Law of demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What do you call the market situation where supply is equal to demand?

Surplus

Shortage

Equilibrium

Law of demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What do you call the market situation where quantity supplied is greater than quantity demanded?

Surplus

Shortage

Equilibrium

Law of supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What do you call the market situation where the quantity demanded is greater than the quantity supplied?

Surplus

Shortage

Equilibrium

Law of demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

If the price stays unchanged at $1.40 but the quantity demanded increases to 800 million gallons. What market situation will this create?

Surplus

Shortage

Equilibrium

No change

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