Econ Unit 3 Quiz 2

Econ Unit 3 Quiz 2

9th - 12th Grade

7 Qs

quiz-placeholder

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Econ Unit 3 Quiz 2

Econ Unit 3 Quiz 2

Assessment

Quiz

History

9th - 12th Grade

Medium

Created by

Adam McCullough

Used 2+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the term for the price at which consumers will buy exactly the amount that the producers are willing to supply?

Balance

Equilibrium

Stasis

Surplus

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the term for when consumer demand for a certain car is greater than the number of cars that can be produced?

Surplus

Elastic Demand

Shortage

Substitute

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following problems most closely deals with Marginal Utility?

A restaurant starts using margarine instead of butter because butter becomes more expensive

The sales of milk & Oreo cookies increase at the same time

When consumers start buying store brand foods instead of organics

Deciding if you want to buy a second winter coat

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is likely to happen if a new method of production reduces the cost of producing furniture?

The equilibrium price of furniture would go down

The equilibrium price of furniture would go up

The amount of furniture on the market would decrease

Consumer demand would decline

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true of public goods?

They are nonexcludable and nonrival

Their cost varies by income

They are open to all (nonexcludable) but there is intense competition for production

They tend to be more expensive than normal goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of substitute goods?

flashlights & batteries

washing machine & drying machines

Markers and crayons

oil & cars

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an inferior good?

smartphones

peanut butter or jelly

organic foods

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