PCIS 12th Economics - Demand and Supply

PCIS 12th Economics - Demand and Supply

12th Grade

25 Qs

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PCIS 12th Economics - Demand and Supply

PCIS 12th Economics - Demand and Supply

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

Habiba Belguedj

Used 18+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 3 pts

When a consumer is able and willing to buy a good or service, he or she creates which of the following:

Consumption

Demand

Elasticity

Allocation

2.

MULTIPLE CHOICE QUESTION

5 mins • 3 pts

What are inferior goods?

Goods that are not well produced

Goods that no one wants to buy

Goods for which the demand rises when income rises

Goods for which the demand falls when income rises

3.

MULTIPLE CHOICE QUESTION

5 mins • 5 pts

What does it mean when the demand for a product is inelastic?

People will not buy any of the product when the price goes up

A price increase does not have a significant impact on buying habits

Customers are very sensitive to the price of the product

There are very few satisfactory substitutes for the product

4.

MULTIPLE CHOICE QUESTION

5 mins • 4 pts

What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?

Sell the goods now and try to invest the money instead of resupplying

Sell the goods now but try to get the higher price for them

Store the goods until the price rises

Store the goods indefinitely regardless of when the prices rise

5.

MULTIPLE CHOICE QUESTION

5 mins • 5 pts

What does elasticity of demand measure?

an increase in the quantity available

a decrease in the quantity demanded

how much buyers will cut back or increase their demand when prices rise or fall

the amount of time consumers need to change their demand for a good

6.

MULTIPLE CHOICE QUESTION

5 mins • 3 pts

Which item was once considered a luxury has now become a necessity in America?

Property

Cars

Telephone

Fresh Water

7.

MULTIPLE CHOICE QUESTION

5 mins • 3 pts

Demand for life-saving medicine is usually  ______.

Higher in price

Inelastic

Elastic

Luxury

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