Econ Unit 2

Econ Unit 2

12th Grade

25 Qs

quiz-placeholder

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Econ Unit 2

Econ Unit 2

Assessment

Quiz

History

12th Grade

Practice Problem

Easy

Created by

Laura Fuller

Used 34+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

consumers will buy less of a good at a higher price and more of a good at a lower price

law of demand

law of supply

market equilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

which of the following is NOT a factor that changes demand

income

substitutes and complements

consumer tates

cost of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

demand or supply of a good that is sensitive to a change in price; follows law of demand and supply

elastic demand/supply

inelastic demand/supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

demand or supply of a good that will NOT CHANGE AMOUNT even if the price changes

inelastic demand/supply

elastic demand/supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

good used in place of another, especially if the price of the original item is high

substitute

complement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

goods that are bought and used together

complement

substitute

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

producers will offer more of a good when the price is high and less of a good when the price is low

law of supply

law of demand

market equilibrium

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