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Economics Quiz

Authored by Savannah Bush

Social Studies

12th Grade

Used 4+ times

Economics Quiz
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30 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

All the people living in the same residence.

Household

Neighborhood

Community

Family

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Competing products that can be used in place of one another.

Substitutes

Complements

Unrelated products

Identical products

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Market in which goods and services are bought and sold.

Product Market

Labor Market

Financial Market

Foreign Exchange Market

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The minimum price that can be charged for a good or service.

Price Floor

Price Ceiling

Equilibrium Price

Market Price

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An organization that produces a good or service which it then sells.

Firm

School

Hospital

Library

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The point at which the quantity demanded and the quantity supplied are equal.

Equilibrium

Surplus

Shortage

Price Ceiling

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Demand for a product is greater than the supply.

Shortage

Surplus

Equilibrium

Excess

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