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Unit Two Lesson Five Economics

Authored by Mr Brunn

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12th Grade - University

Used 424+ times

Unit Two Lesson Five Economics
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one example

Demand

Supply

Complimentary Good

Substitute Good

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

the quantity of a good or service that consumers are both willing and able to buy at various prices

Demand

Complimentary Good

Supply

Money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Degree to which the quantity demanded or supplied of a good or service changes in response to a change in price

Money

Law of Supply

Elasticity

Law of Demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa

Revenue

Law of Demand

Elasticity

Law of Supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The amount of money a firm receives in the course of doing business

Specialization

Supply

Revenue

Barter

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

a product that satisfies the same basic want as another product

Revenue

Complimentary Good

Demand

Substitute Good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa

Law of Supply

Complementary Good

Law of Demand

Substitute Good

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