Microeconomics - Vocabulary Quiz

Microeconomics - Vocabulary Quiz

12th Grade

18 Qs

quiz-placeholder

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Microeconomics - Vocabulary Quiz

Microeconomics - Vocabulary Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

stacey jackson

Used 7+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ wanting something and being able to pay for it.

Demand

Supply

Desire

Need

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ a model depicting the flow of resources and money throughout the economy.

Circular Flow Diagram

Linear Flow Chart

Resource Allocation Model

Economic Cycle Graph

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ an acronym used to help us remember which way a demand or supply curve will shift.

IRDL

DRIL

LIRD

RILD

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ quantity demanded is equal to quantity supplied.

Equilibrium

Surplus

Deficit

Shortage

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ the study of economic behavior of individuals and businesses.

Microeconomics

Macroeconomics

Sociology

Anthropology

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. _____ as prices increase so does quantity supplied.

Law of Demand

Law of Supply

Law of Diminishing Returns

Law of Equilibrium

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inverse relationship between price and quantity, as price increases, Quantity demanded decreases.

Law of Demand

Law of Supply

Equilibrium Price

Price Elasticity

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