Unit 3

Unit 3

9th - 12th Grade

10 Qs

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Unit 3

Unit 3

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Kyrsten Floyd

Used 8+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There is a new and improved piece of production equipment brought into the Tesla factory. What is the result on the market?

supply curve shifts to the right

supply curve shifts to the left

demand curve shifts to the right

demand curve shifts to the left

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A new study shows that eating chocolate chip cookies can prevent a heart attack. What will most likely happen to the market for chocolate chip cookies?

both the equilibrium price and equilibrium quantity will increase

both the equilibrium price and equilibrium quantity will decrease

the equilibrium price will increase but the equilibrium price will decrease

the equilibrium price will decrease but the equilibrium price will increase

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which scenario would cause an increase in demand for swim suits?

the weather man announces it will be a hotter summer than last year

a new company joins the swim suit market

the price of swim suits have decreased

a company sends its swim suit production overseas for a lower cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A rightward shift of a market supply curve might be caused by what?

entry of new firms in the industry

increase in the costs of production

a decrease in the income of consumers

none of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Supply states that as the price of bananas increases,

the supply for bananas decreases

the supply for bananas increases

the quantity supplied for bananas decreases

the quantity supplied for bananas increases

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the cereal market experiences a rightward shift in demand, which of the following would be true?

milk, a complement to cereal, would see an increase in price

milk is a normal good so there has been an increase in the income of those who buy cereal

consumers expect cereal prices to go down next month

report states that eating cereal leads to lower quality of life and long term sadness

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose consumers expect the price of gasoline to decrease tomorrow. If the market for gasoline today, what is likely to happen in the market for gasoline TODAY?

demand will shift to the left

supply will shift to the right

demand will shift to the right

nothing happens

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