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Eco Terms

Authored by Galatia Ford

Science

KG

Used 1+ times

Eco Terms
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines the prices of goods and services?

Supply

Demand

Supply and demand

Goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What exists when quantity supplied is greater than quantity demanded?

Surplus

Shortage

Overflow

Mass outrage

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market is said to be in equilibrium when

when demand is higher than the supply

when demand is lower than the supply

when the demand and supply quantities are equal

when the supply is doubled the demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the price at which a good is bought and sold in a market equilibrium is called

retail price

equilibrium price

discount price

base price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

shortage

surplus

equilibrium

supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to price when the market has a surplus

price drops

price stays the same

price increases

price triples

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the price ceiling?

The minimum price allowed set by the government

The maximum price allowed set by the government

The highest price on the market

An overhead interior surface

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