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Economics Exam

Authored by Corey Poitier

Social Studies

Professional Development

Used 2+ times

Economics Exam
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51 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the information in the graph, if the government limits the price of the item offered so that it cannot rise above $0.75, the result will be —

An excess supply

An excess demand of 240 units

A consumer surplus of $1.00

An excess surplus of 240 units

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One potential risk from investing in the stock market is the loss of —

Investor tolerance

Purchasing power

Earned interest income

Portfolio diversification

3.

OPEN ENDED QUESTION

3 mins • 1 pt

Paying rent instead of purchasing tickets to a concert is an example of —

Evaluate responses using AI:

OFF

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Media Image

Which of the following conditions could explain the shift in the demand curve shown on the graph?

Farmers harvested a bumper crop of tomatoes.

Shoppers learned that cans of cooked tomatoes are spoiled.

Surveys found that people are eating more cooked tomatoes.

Eating cooked tomatoes was found to have more health benefits.

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following is a non-price determinant of demand?

Subsidy

Productivity

Price ceiling

Consumer preferences

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the information in the graph, what is the equilibrium price of pizza?

$2.00

$4.00

$1.00

$5.00

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

On a supply and demand graph, supply will decrease and shift to the left when which of the following happens?

The number of firms leaving the industry increases.

There are fewer government regulations in place.

The total cost of inputs decreases.

Production taxes decline over a short period of time.

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