Economics Unit 2 Microeconomics Summative Review

Economics Unit 2 Microeconomics Summative Review

9th - 12th Grade

50 Qs

quiz-placeholder

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Economics Unit 2 Microeconomics Summative Review

Economics Unit 2 Microeconomics Summative Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Ashley Kaigler

Used 54+ times

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50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The statement "the quantity demanded of a product varies inversely with its price" is a definition of 

the law of demand. 
the invisible hand. 
the law of competition. 
laissez-faire. 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Assuming that the graph follows the normal laws of economics, the line represents 

supply. 
equilibrium price.
demand. 
production possibilities. 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The new oven in Mr. Brown's bakery allows him to produce bread more efficiently and more cheaply. What is the MOST LIKELY effect for consumers? 

the price drops and the quantity demanded increases 
the price rises and the quantity demanded increases
the price drops and the quantity demanded decreases 
the price rises and the quantity demanded decreases 

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, a high price will usually cause 

producers to supply more and consumers to buy less. 
producers to offer less and consumers to buy less. 
producers to offer less and consumers to buy more. 
producers to supply more and consumers to buy more. 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor might cause an increase in the supply of a product? 

fewer sellers in the marketplace 

an increase in the cost of raw materials 

the introduction of new technology 

a decrease in productivity 

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The graph shows a demand curve. What can be said about the demand line moving to the right? 

Demand has increased. 
Demand has decreased. 
This indicates a reduced supply. 
An equilibrium price has been determined.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The diagram shows the circular flow of goods and resources. What is the primary purpose of this chart? 

It shows how households and businesses interact in a market economy. 
It shows the relationship between supply and demand. 
It shows the need for government intervention in any economic system.
It indicates the changing tastes in the product market. 

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