(ECO) Ch.5 Vocabulary Review

(ECO) Ch.5 Vocabulary Review

12th Grade

16 Qs

quiz-placeholder

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(ECO) Ch.5 Vocabulary Review

(ECO) Ch.5 Vocabulary Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

miguel rivera

Used 4+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is "supply" in economics?

The quantity of a good that producers are willing to offer for sale

The amount of money consumers are willing to pay for a product

Demand for a product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Law of Supply, as the price of a good increases, what happens to the quantity supplied?

 It stays the same

 It decreases

 It increases

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the graphical representation of the relationship between the price of a good and the quantity that suppliers are willing to produce and sell in a market?

 Demand curve

Supply schedule

Market supply curve

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the specific amount of a good that a supplier is willing to produce and sell at a given price?

Quantity demanded

Demand

Quantity supplied

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When factors such as technology, input prices, and government policies influence the amount of a good that suppliers are willing to produce and sell at each price level, what is this called?

Market equilibrium

Change in supply

Elasticity of demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a financial assistance or support provided by the government to producers to encourage the production of a specific good?

Loan

Subsidy

Tax

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "supply elasticity" measure?

The total cost of production

 How much consumers want a product

The responsiveness of quantity supplied to changes in price

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