ECON Micro Almost There

ECON Micro Almost There

12th Grade

10 Qs

quiz-placeholder

Similar activities

Ch. 3-5 Economics Test

Ch. 3-5 Economics Test

12th Grade

14 Qs

Econ- Unit 1

Econ- Unit 1

12th Grade

10 Qs

Microeconomics

Microeconomics

9th - 12th Grade

13 Qs

Causes of the Great Depression

Causes of the Great Depression

9th - 12th Grade

9 Qs

Forms of Economy

Forms of Economy

12th Grade

15 Qs

Unit 2 Econ Review

Unit 2 Econ Review

12th Grade

14 Qs

Supply and Demand

Supply and Demand

9th - 12th Grade

15 Qs

Econ_WQ_Chapter 3 Part A_Law of Demand

Econ_WQ_Chapter 3 Part A_Law of Demand

12th Grade

12 Qs

ECON Micro Almost There

ECON Micro Almost There

Assessment

Quiz

History

12th Grade

Medium

Created by

Taylor Dee

Used 7+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a resource market?

a market that provides goods and services for households

a market that provides factors of production (land, labor, and capital) to firms

a market that provides money for firms in the form of loans

a market such as a grocery store

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

As a sole proprietor, Jessica took out a loan to buy equipment for her in-home business. If Jessica's business does not make enough money to pay back her loan, she will have to sell personal property to cover her outstanding obligation. Which of the following conditions affects sole proprietors but not corporations

obligatory property

proprietary liability

personal obligation

unlimited liability

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which market structure has the largest number of suppliers?

monopolistic competition

monopoly

oligopoly

pure/perfect competition

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The term quantity demanded refers to

the entire series of prices and quantities which comprises the demand schedule

the amount of a product which will be purchased at some specific price

the amount of a product which will be provided for sale at some specific price

a situation where the income and substitution effects do not apply

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The Law of Supply states that:

producers will offer more of a product at low prices than they will at high prices

producers will offer more of a product at high prices than they will at low prices

the product supply curve is down sloping

consumers will purchase less of a good at high prices than they will at low prices

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What happens when a price is set below the equilibrium price?

shortage

surplus

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What happens when the price is set above the equilibrium price?

shortage

surplus

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?