Practice Quiz: Econ Chap 4 and 5

Practice Quiz: Econ Chap 4 and 5

12th Grade

20 Qs

quiz-placeholder

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Practice Quiz: Econ Chap 4 and 5

Practice Quiz: Econ Chap 4 and 5

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Christopher Gutierrez-Cook

Used 3+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
The law of demand states that as the price increases then 
quantity demanded increases
quantity demanded decreases
demand increases
demand decreases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
The desire or willingness a consumer has to purchase a good or a service is called?
shortage
supply
price
demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
The amount of goods or services available is called?
supply
demand
producer
consumer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Supply says that as the price of a good increases then...

more of that good will be produced

less of that good will be produced

more of that good will be demanded

less of that good will be demanded

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Definition of Marginal Utility

the satisfaction from consumption

to total satisfaction from consuming a product

the extra satisfaction from the last unit consumed

the extra consumption from last unit consumed

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The definition of the law of diminishing marginal utility

As more units are consumed the marginal utility falls.

As more units are consumed the marginal utility increases.

As price decreases quantity demanded increases.

As price increases consumers are willing to pay more.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
What does this curve represent?
supply
equilibrium
demand
surplus

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