Unit 1&2 Test Review

Unit 1&2 Test Review

9th - 12th Grade

10 Qs

quiz-placeholder

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Unit 1&2 Test Review

Unit 1&2 Test Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Kathyrn Magdaline MARQUARDT MARQUARDT

Used 3+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

If the price of a good increases, it will tend to reduce the demand for its complementary good.

True

False

2.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

The value of PED tends to increase over time as consumers have the time to seek or switch to alternative products.

True

False

3.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

The supply of a particular product is likely to be price inelastic if the production process is long.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What does an economist mean by the factor of production called 'capital'?

a good that can be used to produce other goods

money used to start a business

resources that cannot be replaced

the profits of a company

5.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

Media Image

The table illustrates the demand and supply for coffee in a market in Africa.

When the price rises from $20 to $30 per kg, what is the price elasticity of demand for coffee?

0.2

0.5

2.0

5.0

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

A country is operating at point X on its production possibility curve (PPC). A drought significantly reduces agricultural output. Which point represents the new position?

A

B

C

D

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

The diagram shows the market for a product. Which statement about the points marked on the diagram is correct?

The distance from W to X shows a shortage of the product.

The distance from Z to Y shows a surplus of the product.

The movement from W to Y shows a fall in the quantity demanded of the product.

The movement from X to Z shows a fall in the quantity supplied of the product.

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