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Social Studies

12th Grade

Used 16+ times

Supply and Demand Review
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that as a price increases, quantity demanded ________.

Decreases

Increases

Remains Neutral

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes an upward sloping supply curve?

A positive relationship between price and quantity supplied.

A neutral relationship between price and quantity supplied.

An inverse relationship between price and quantity supplied.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What results in movement along the supply curve and demand curve?

Change in technology

Change in cost of resources

Change in government subsidies

Change in price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term is defined as the intersection of supply and demand?

Supply

Demand

Market

Equilibrium

5.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

The law of supply states that as a price increases, quantity supplied ________.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a government subsidy?

Removal of all taxes for businesses

A tax break for a business

Discount on resources for businesses

A tax increase for a business

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What label is on the horizontal axis of a supply graph?

Quantity Demanded

Production Number

Price

Quantity Supplied

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