Microeconomics Introduction

Microeconomics Introduction

12th Grade

16 Qs

quiz-placeholder

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Microeconomics Introduction

Microeconomics Introduction

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Aaron Gardner

Used 70+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of a good that consumers are willing to buy at various prices. 

Demand Curve

Basic Economic Principle

Supply Curve

Production Possibilities Frontier

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers will buy more of a good or service when its price is lower and less when its price is higher.

Law of Supply

Tariffs

Law of Demand

Market System

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 The amount of a good that producers are willing to make at various prices.

Law of Demand

Supply Curve

Demand Curve

Basic Economic Principle

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity of goods supplied will be greater at a higher price than it will be at a lower price.

Law of Demand

Consumers

Law of Supply

Law of Diminishing Marginal Utility

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers react to a rise in the price of one good by consuming less of that good and more of a substitute good.

Income Effect

Quantity Effect

Substitution Effect

Law of Supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers react to rising prices when income does not change by consuming less of a good.

Substitution Effect

Supply and Demand

Income Effect

Doppler Effect

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A measure of how consumers react to a change in price.

Basic Economic Principle

Elasticity of Supply

Elasticity of Demand

Income Effect

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