
Econ: Ch. 4 - Demand and Ch. 5 - Supply
Authored by Kim Dorsten
Social Studies
12th Grade
Used 13+ times

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26 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a consumer is able and willing to buy a good or service, he or she creates which of the following?
consumption
demand
elasticity
allocation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a mathematical representation of the definition of profit?
fixed cost + variable cost
total revenue – total cost
total revenue/total cost
total revenue x total cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the BEST example of a variable cost for a major league baseball franchise?
stadium mortgage
stadium maintenance
ticket-takers' wages
manager’s salary
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the current demand for a good related to its future price?
If the price is expected to rise, current demand will drop.
If the price is expected to fall, current demand will rise.
If the price is expected to rise, current demand will rise.
Current demand is not related to future price.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ceteris paribus, or “all other things held constant,” is an assumption that has which of the following effects on a demand schedule?
It takes only prices into account.
It considers the effects of all possible changes on demand.
It is accurate no matter what changes occur.
It is accurate only at one price level.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What shows the quantities of products demanded at each price by all consumers in a market?
elasticity and consumption list
schedule of consumer prices
market pricing list
market demand schedule
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean when the demand for a product is inelastic?
People will not buy any of the product when the price goes up.
A price increase does not have a significant impact on buying habits.
it slows an economy down for at least a while
it reduces the available jobs
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