
Unit 1&2 Test Review
Authored by Kathyrn Magdaline MARQUARDT MARQUARDT
Social Studies
9th - 12th Grade
Used 3+ times

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10 questions
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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
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
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
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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