
Economics Midterm 2023-2024
Authored by Mr. Flores
History
12th Grade
Used 9+ times

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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would NOT be a determinant of demand?
the price of related goods
income
tastes
the prices of the inputs used to produce the good
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a substitute to good X increases, then
the demand for good X will increase.
the market price of good X will decrease.
the demand for good X will decrease.
the demand for good X will not change.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What will happen in the rice market if buyers are expecting higher prices in the near future?
The demand for rice will increase.
The demand for rice will decrease.
The demand for rice will be unaffected.
The supply of rice will increase.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Graph 4-1. The movement from point A to point B on the graph shows
a decrease in demand.
an increase in demand.
an increase in quantity demanded.
a decrease in quantity demanded.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Other things equal, when the price of a good rises, the quantity supplied of the good also rises. This is
the law of increasing costs.
the law of diminishing returns.
the law of supply.
the law of demand.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose that there is an increase in input prices. We would expect
supply to increase.
supply to decrease.
supply could increase or decrease.
supply to remain unchanged.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Graph 4-4. On the graph, the movement from S to S1 could be caused by
a decrease in the price of the good.
an increase in income.
an improvement in technology.
an increase in input prices.
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