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Econ Prices Quiz 1

Authored by John Foster

History

12th Grade

Used 1+ times

Econ Prices Quiz 1
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10 questions

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1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

As a consumer, how can you communicate with producers about prices? Select all that are true.

Choose to buy at current price

Yell at sales associates

Make up bad stuff about the company and post it on social media

Choose not to buy at current price.

2.

MATCH QUESTION

1 min • 3 pts

Matching

more choice for consumers

Low prices incent...

Producers

High prices encourage...

Consumers

Increased competition leads to...

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or false? Externalities can have positive, or negative, effects.

True

False

4.

MATCH QUESTION

1 min • 4 pts

Match the following with the best example

New Amazon center next to restaurant

Instability

Pollution without penalty

Positive Externality

k-12 Schools

Negative Externality

Covid - restaurants

Public Good

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market equilibrium

  • reached when the quantity supplied and the quantity demanded for a product are equal at the same price.

  • reached when the quantity supplied and the quantity demanded for a product are different at the same price.

the price is the same as the quantity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Surplus

The demand is greater than the supply

the Quantity supplied is less than the quantity demanded at offered price

the Quantity supplied exceeds quantity demanded at offered price

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT something producers can do if there is a surplus?

Lower Prices

Decrease Quantity Supplied

Increase demand

Raise Prices

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