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VOTE Quiz #4 Chapter 5

Authored by Ryan Townsend

Social Studies

12th Grade - University

Used 6+ times

VOTE Quiz #4 Chapter 5
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The law of demand states that if the price of CD’s rise, consumers will

Buy more CDs
Buy fewer CDs
Quantity demanded will not change

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The law of supply states that if the price of CD’s rise, suppliers will

Supply more CDs
Supply fewer CDs
Quantity supplied will not change

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Which of the following is NOT a determinant of the supply of peanut butter?

The price of peanuts 
The wages of peanut butter factory workers 
The income of peanut butter consumers
Existing peanut butter making technology

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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What does a “surplus” (extra amount) of goods in a market imply?

Prices are too high
Prices are too low
Supply is too low
Demand is too high

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

Demand for gasoline will decrease 
Demand for gasoline will increase
Demand for gasoline will stay the same

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?

Supply for gasoline will decrease 
Supply for gasoline will increase
Supply for gasoline will stay the same

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price signals tell us about consumers ...

wants.

spending power.

credit position.

cash position.

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