
Microeconomics Quiz (Ch1-4)
Quiz
•
Other
•
12th Grade
•
Practice Problem
•
Medium
Kevin Farley
Used 1+ times
FREE Resource
Enhance your content in a minute
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
The law of demand states that as price increases, quantity demanded also increases.
The law of demand is the inverse relationship between price and quantity demanded.
The law of demand states that price and quantity demanded are unrelated.
The law of demand states that price and quantity demanded have a direct relationship.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define supply and explain the factors that can affect it.
Supply refers to the quantity of a product or service that is available for purchase in the market. Factors that can affect supply include the cost of production, technology, government regulations, natural disasters, and changes in the price of inputs.
Supply refers to the quantity of a product or service that is available for purchase in the market. Factors that can affect supply include changes in consumer tastes, fashion trends, and social media influence.
Supply refers to the quantity of a product or service that is available for purchase in the market. Factors that can affect supply include changes in consumer income, population growth, and inflation.
Supply refers to the quantity of a product or service that is demanded in the market. Factors that can affect supply include consumer preferences, advertising, and brand reputation.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a change in quantity demanded and a change in demand?
A change in quantity demanded refers to a shift of the entire demand curve due to factors other than price, while a change in demand refers to a movement along the demand curve due to a change in price.
A change in quantity demanded refers to a movement along the demand curve due to a change in price, while a change in demand refers to a shift of the entire demand curve due to factors other than price.
A change in quantity demanded and a change in demand are the same thing.
A change in quantity demanded refers to a shift of the entire demand curve due to a change in price, while a change in demand refers to a movement along the supply curve due to factors other than price.
4.
OPEN ENDED QUESTION
3 mins • 1 pt
What is price elasticity of demand.
Evaluate responses using AI:
OFF
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the determinants of price elasticity of demand?
availability of substitutes, necessity or luxury, proportion of income spent, time period, and definition of the market
weather conditions, political stability, exchange rates, and consumer expectations
cost of production, level of competition, consumer demographics, and technological advancements
price of the product, consumer income, consumer tastes and preferences, advertising and promotion, and government regulations
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define market equilibrium and explain how it is determined.
Market equilibrium is the point at which the quantity demanded by consumers equals the quantity supplied by producers. It is determined by the intersection of the demand and supply curves in a market.
Market equilibrium is the point at which the quantity demanded by consumers is determined solely by the producers.
Market equilibrium is the point at which the quantity demanded by consumers is unrelated to the quantity supplied by producers.
Market equilibrium is the point at which the quantity demanded by consumers exceeds the quantity supplied by producers.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to market equilibrium when there is an increase in demand?
The market equilibrium shifts to a higher quantity and higher price.
The market equilibrium shifts to a higher quantity and lower price.
The market equilibrium remains unchanged.
The market equilibrium shifts to a lower quantity and lower price.
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
13 questions
rubiks cube quiz
Quiz
•
KG - Professional Dev...
10 questions
Lesson 5A Literature review: Criteria in Selecting Literature
Quiz
•
12th Grade
10 questions
RAPAT TELECONFERENCE
Quiz
•
12th Grade - University
15 questions
Test Anxiety Review Practice
Quiz
•
9th - 12th Grade
15 questions
TQM Four Pillar
Quiz
•
12th Grade
10 questions
Trial - Quiz Bowl HS
Quiz
•
10th - 12th Grade
9 questions
St.Francis of Assisi
Quiz
•
5th Grade - University
9 questions
star wars
Quiz
•
3rd Grade - Professio...
Popular Resources on Wayground
5 questions
This is not a...winter edition (Drawing game)
Quiz
•
1st - 5th Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
10 questions
Identify Iconic Christmas Movie Scenes
Interactive video
•
6th - 10th Grade
20 questions
Christmas Trivia
Quiz
•
6th - 8th Grade
18 questions
Kids Christmas Trivia
Quiz
•
KG - 5th Grade
11 questions
How well do you know your Christmas Characters?
Lesson
•
3rd Grade
14 questions
Christmas Trivia
Quiz
•
5th Grade
20 questions
How the Grinch Stole Christmas
Quiz
•
5th Grade
Discover more resources for Other
26 questions
Christmas Movie Trivia
Lesson
•
8th Grade - Professio...
15 questions
Christmas Song Emoji Pictionary
Quiz
•
7th - 12th Grade
20 questions
Christmas Movies
Quiz
•
1st - 12th Grade
55 questions
CHS Holiday Trivia
Quiz
•
12th Grade
20 questions
Christmas Movie Trivia
Quiz
•
9th - 12th Grade
29 questions
christmas facts
Lesson
•
5th - 12th Grade
20 questions
Christmas Trivia
Quiz
•
5th - 12th Grade
20 questions
Stages of Meiosis
Quiz
•
9th - 12th Grade
