Economics Unit 2 Review
Authored by Megan Luke
Education
12th Grade
Used 27+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the consumers willingness and ability to purchase a given good
demand
supply
surplus
shortage
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
as the price of a good decreases, the quantity demanded of that good increases.
Supply
Law of Demand
Law of Supply
Demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the price of a good decreases, consumers will substitute away from goods that are relatively more expensive to cheaper goods
Substitution effect
Income Effect
Equilibrium Price
Price ceiling
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the price of a good decreases, it is as if the buyer of the good’s income went up
Substitution Effect
Fake News
Price floor
Income effect
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the total amount of a specific good/service that is available to consumers.
Supply
Demand
Law of Supply
Law of Demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the exact price where the quantity of goods supplied is equal to the quantity of goods demanded.
Price Floor
Price Ceiling
Equilibrium Price
Surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a situation in which the demand for a good/service exceeds its supply in a market.
Surplus
Shortage
Price Floor
Price Ceiling
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