Econ 1
Authored by Sunny Scott
Other
3rd Grade
Used 7+ times
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52 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the state in which market supply and demand are balanced?
Elasticity
Scarcity
Equilibrium
Disequilibrium
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the equilibrium price?
$3.00
$1.00
$5.00
None of these
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand is highest at which price?
$0.50
$1.00
$3.00
$3.50
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Supply is highest at which price?
$0.50
$1.50
$3.00
$3.50
5.
MATCH QUESTION
1 min • 1 pt
Match the following
Supply
Amount of a good or service consumers are able and willing to buy
Demand
Amount of a good or service available for sale
Law of Demand
Demand goes up as price decreases and vice versa.
Law of Supply
Supply goes up as price increases
6.
CATEGORIZE QUESTION
3 mins • 1 pt
Groups:
(a) True
,
(b) False
As price increases, supply decreases
As price decreases, supply decreases
As price increases, supply increases
As price decreases, demand increases
As price decreases, supply increases
As price increases, demand decreases
As price increases, demand increases
As price decreases, demand decreases
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the situation where the quantity demanded is greater than the quantity supplied?
Corporations
Shortage
Aggregate demand
Open market operations
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