Economics Unit 2 Review

Economics Unit 2 Review

11th Grade

20 Qs

quiz-placeholder

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Economics Unit 2 Review

Economics Unit 2 Review

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Kelli Keefer

Used 84+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases.

Law of Demand

Law of Supply

Law of Diminishing Marginal Utility

Law of Increasing Opportunity Costs

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The ______ states that as the price of a good rises, the quantity producers are willing to produce increases.

Law of Demand

Law of Supply

Law of Diminishing Marginal Utility

Law of Increasing Opportunity Costs

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

True or False: A change in the price of a product causes a shift in the demand curve.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Do the circled points represent a price floor or a price ceiling?

Price Floor

Price Ceiling

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Do the circled points represent a price floor or a price ceiling?

Price Floor

Price Ceiling

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Do the circled points represent a surplus or shortage?

Surplus

Shortage

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Do the circled points represent a surplus or shortage?

Surplus

Shortage

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