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Lieffers_ Unit 3 Test: Supply & Demand

Authored by Alison Lieffers

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11th Grade

Used 8+ times

Lieffers_ Unit 3 Test: Supply & Demand
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52 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a city facing a housing crisis, the government decides to set a legal maximum rent to protect tenants. What is this an example of?

Price Ceilings

Supply

Demand

Substitute

Complement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment; they want to buy something and while also having the ability to buy it

Demand
Supply
Substitute
Complement
Variable Input

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes a resource or factor of production that remains unchanged, regardless of the quantity of output a firm produces in a certain period of time?

Fixed Input

Market Equilibrium

Price Elasticity

Variable Cost

Marginal Utility

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ben and Lucy are planning a movie night and need to buy two items that are often bought and used together for such an occasion.

Complement

Supply

Demand

Substitute

Variable Input

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a farmers market, Hannah notices the point where the supply of organic apples and the demand from customers meet is often referred to as the..... "sweet spot"

Equilibrium

Supply

Demand

Substitute

Complement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alex is deciding between two brands of coffee that serve the same purpose for him. These brands are examples of what kind of goods?

Substitute

Supply

Demand

Complement

Variable Input

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total amount of a specific good or service that is available to consumers

Supply
Demand
Substitute
Complement
Variable Input

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