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CSmith Economics Unit 2: Supply and Demand

Authored by Collin Smith

Social Studies

12th Grade

Used 46+ times

CSmith Economics Unit 2: Supply and Demand
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The curve pictured represents...

The total supply of a good in the market

The total demand of a good in the market

Prices at any point in the market

Consumer expectations in the market

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to the Law of Demand, if price goes up, what happens to demand?

Supply increases

Demand decreases

Supply decreases

Incomes rise

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following describes an increase in demand due to a natural disaster?

A hurricane in forecasted, so people move out of Florida

There is expected to be a war in Russia, so weapons makers increase production

Wildfires are spreading in California, so more consumers want fire insurance

A tsunami is predicted to hit the coast, so construction is halted

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The price of steak goes up, so the demand for hamburger increases. Hamburger is the _________ good here.

Luxury

Popular

Substitute

Complementary

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The price of hotdogs increases, so the demand for hotdog buns decreases. What type of goods are these two items?

Complementary

Luxury

Inferior

Superior

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shift to the right, for either supply or demand, indicates what?

An increase

A decrease

No change

A change in price

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A natural disaster would result in a

Supply curve shift to the left

Supply curve shift to the right

No shift

movement up the supply line

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