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Econ- 9 Week Exam Review

Authored by Benjamin Winegard

Social Studies

10th - 12th Grade

Used 8+ times

Econ- 9 Week Exam Review
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73 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

What could cause the shift from D1 to D2?

A change in preferences

A change in price

A change in quantity demanded

A change in quantity supplied

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

What does this curve represent?

supply
equilibrium
demand
surplus

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

What does this curve represent?

demand
supply
equilibrium
shortage

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?

An increase in computer chips

An increase in the cost of producing an iPhone

Employees figure out a way to work more efficiently

The price of iPhones increases

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

The point in the middle of the two curves represents or shows....?

Market Equilibrium

An increase in supply

A shortage

A surplus

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

There is a change in cost of production.

The number of producers changes.

The expectations of consumers changes.

The output rate declines.

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Which statement expresses a central idea of how the laws of supply and demand work?

The government sets the prices for goods and services.

Prices are determined by the interaction of producers and consumers.

Consumers alone determine the prices for goods and services.

Technology dictates the prices charged for goods and services.

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