Supply and Demand Vocab Review P.2

Supply and Demand Vocab Review P.2

12th Grade

7 Qs

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Supply and Demand Vocab Review P.2

Supply and Demand Vocab Review P.2

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Spencer Evans

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7 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

Imagine a local farmer's market where various vendors come to sell their produce. In this context, how would you define 'Supply' in Economics?

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OFF

2.

OPEN ENDED QUESTION

3 mins • 1 pt

What happens to the price and quantity of coffee when there is an increase in demand for coffee?

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OFF

3.

OPEN ENDED QUESTION

3 mins • 1 pt

Imagine you are at a grocery store deciding between buying tea or coffee. How does the concept of 'Substitutes' in Economics explain your choice?

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OFF

4.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the effect of subsidies on the supply of agricultural products?

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OFF

5.

OPEN ENDED QUESTION

3 mins • 1 pt

Imagine a local farmer's market where a farmer is selling apples. According to the Law of Supply, what happens to the quantity of apples supplied when the price of apples increases?

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OFF

6.

OPEN ENDED QUESTION

3 mins • 1 pt

Define Taxes. provide an example of a service paid for by taxes

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OFF

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which of the following defines "Complementary Goods?"

Goods that can be used to replace the purchase of similar goods when prices rise

Goods that are commonly used with other goods

Goods that are independent of other markets

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