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Unit 2: Microeconomics Review

Authored by Josh Winicki

Social Studies

12th Grade

Used 84+ times

Unit 2: Microeconomics Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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The willingness and ability to buy a good or service

Demand

Law of demand

Supply

Law of supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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Goods that can be used in place of one another

Substitute goods

Complementary goods

Veblen goods

Common access resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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A government payment to encourage or protect certain activities

Subsidy

Excise tax

Sin tax

Supply chain

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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What type of curve is this?

Demand curve

Supply curve

Tariff curve

Externality curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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Which of the following is NOT a factor that influences elasticity of demand?

The number of available substitutes

The proportion of income to make the purchase

Time to make purchase decision

Consumer tastes and preferences

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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Which of the following is NOT a factor that influences demand?

The number of buyers

Income

Expectations

Addiction or habit forming

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

What is the only thing that can change the quantity demanded for a good or service?

Price

Consumer tastes

Consumer expectations

The number of available substitutes

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