Supply and Demand Unit 2 Review ECO

Quiz
•
Other
•
12th Grade
•
Medium

kimberly Willis
Used 11+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the Equilibrium Price?
1
2
3
4
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The diagram represents a(n)
increase in supply
decrease in supply
change in quantity supplied
none of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the price of a product increases, there is
shift in demand
a change in elasticity of demand
movement along the demand curve
no effect on quantity demanded
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On the demand curve, price and quantity demanded are
inversely related
directly related
unrelated
not relavant
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During the Dust Bowl of the 1930's, many farmers agricultural goods were destroyed. What happened to the market for agricultural goods?
Increase in demand
Increase in supply
decrease in supply
decrease in demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
what is Law of Supply?
When prices increase, quantity supplied increase
When demand goes up, supply decrease
Supply shifts to the right due to technology
When prices go down people have an increased income
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following explains the Law of Demand?
When the price of a good increases, people tend to buy substitutes instead
Unrelated
People prefer inferior goods during a recession
People often buy eggs and bacon together
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