Basic Microeconomics II

Basic Microeconomics II

12th Grade

•

47 Qs

quiz-placeholder

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Basic Microeconomics II

Basic Microeconomics II

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Medium

Created by

benjamin dotson

Used 22+ times

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47 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is an economics concept that measures the responsiveness of one variable to changes in another variable.

Elastic

Inelastic

Elasticity

Inelasticity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A place or situation wherein it brings together buyers and sellers of goods or services.

Market

Economy

Marketplace

Economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Decisions about what products are available and at what prices are determined through the interaction of supply and demand is made.

Market place

Market demand

Market supply

Market Economy

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The law of demand that a rise in price will lead to a decrease in the quantity demanded.

True

False

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

If a small change in price creates a large change in demand, elasticity of demand is?

Elastic

Inelastic

Unitary

Unit elastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this kind of economy, economic effort is devoted to goals passed down from a ruler or ruling class.

Mixed economy

Planned economy

Free market economy

Socialist economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It refers to the amount of some good or service consumers are willing and able to purchase at each price.

Supply

Consumer

Producer

Demand

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