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Econ- 4.3 Formative Assessment Option 2

Authored by Chris Schriever

Social Studies

11th Grade

Econ- 4.3 Formative Assessment Option 2
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7 questions

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1.

DROPDOWN QUESTION

1 min • 1 pt

Media Image

Use the attached Supply & Demand Schedule AND a Supply and Demand Graph for Salamander Stickers to answer the following questions.

What is the Equilibrium Price of Salamander Stickers?​ (a)   ​  

What is the Equilibrium Quantity of Salamander Stickers? ​​ ​ (b)   Salamander Stickers

$5.00
$2.00
$3.00
$7.00
$6.00
1
4
5
3
2

2.

DROPDOWN QUESTION

1 min • 1 pt

Use the attached Supply & Demand Schedule AND a Supply and Demand Graph for Salamander Stickers to answer the following questions.

  Assume the current market price of GIANT SALAMANDER STICKERS is $3.00

  1. What type of inefficiency would occur in the market? ​ (a)   ​​  

What would be the AMOUNT of the inefficiency? ​ (b)   Salamander Stickers

Shortage
Surplus
4
2
5
1

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Use the attached Supply & Demand Schedule AND a Supply and Demand Graph for Salamander Stickers to answer the following questions.

  Assume the current market price of GIANT SALAMANDER STICKERS is $6.00

  1. What type of inefficiency would occur in the market? ​ ​​  

What would be the AMOUNT of the inefficiency? ​

Surplus; 2 Salamander Stickers

Surplus; 1 Salamander Sticker

Shortage; 6 Salamander Stickers

Shortage; 4 Salamander Stickers

4.

OPEN ENDED QUESTION

3 mins • 1 pt

Media Image

Answer the following questions based on the graph given.

Question 1: Is DEMAND or SUPPLY is shifting?

Question 2: Is your answer in (1) INCREASING or DECREASING?

Question 3: Based on your answer in (1 & 2) is Equilibrium Price (Ep) INCREASING or DECREASING?

Question 4: Based on your answer in (1 & 2) is Equilibrium Quantity (Eq) is INCREASING or DECREASING?

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OFF

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Answer the following questions based on the graph given.

Question 1: Is DEMAND or SUPPLY is shifting?

Question 2: Is your answer in (1) INCREASING or DECREASING?

Question 3: Based on your answer in (1 & 2) is Equilibrium Price (Ep) INCREASING or DECREASING?

Question 4: Based on your answer in (1 & 2) is Equilibrium Quantity (Eq) is INCREASING or DECREASING?

Demand;

Decreasing;

Ep is Decreasing;

Eq is Decreasing

Supply;

Decreasing;

Ep is Decreasing;

Eq is Decreasing

Demand;

Increasing;

Ep is Increasing

Eq is Decreasing

Supply;

Increasing;

Ep is Increasing;

Eq is Decreasing

6.

OPEN ENDED QUESTION

3 mins • 1 pt

Media Image

In the space provided, answer the following based on the Market and Scenario Given. The image provided are your 4 options for Question c.

a: What is Shifting - SUPPLY or DEMAND;

b: The Shifter that is causing the change to the curve you identified in a;

c: Identify the correct graph of the 4 provided that represents the proper shift;

d. Identify the change in Equilibrium Price (ep) & Equilibrium Quantity (eq) - INCREASE or DECREASE

Market: Rice

Scenario: Everything else remaining constant, consumers of rice are expecting the price of rice to increase in the near future.

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7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the Market and Scenario Given. The image provided are your 4 options for Question c.

a: What is Shifting - SUPPLY or DEMAND;

b: The Shifter that is causing the change to the curve you identified in a;

c: Identify the correct graph of the 4 provided that represents the proper shift;

d. Identify the change in Equilibrium Price (ep) & Equilibrium Quantity (eq) - INCREASE or DECREASE

Market: Churro Waffles

Scenario:  Everything else remaining constant, the price of brown sugar decreases.  Assume brown sugar is an ingredient used to make churro waffles.

a. Supply

b. Input Prices

c. Graph #1

d. Ep Decreases & Eq Increases

a. Demand

b. Price of Related Goods

c. Graph #4

d. Ep Decreases & Eq Decreases

a. Supply

b. Government Regulations

c. Graph #2

d. Ep Increases & Eq Decreases

a. Supply

b. Input Prices

c. Graph #2

d. Ep Increases & Eq Decreases

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