
Economics Unit 2 Review
Authored by CODY PATRICK PALM
Social Studies
12th Grade
DOK Level 1: Recall covered
Used 15+ times

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24 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
As the price of a good increases, the quantity demanded increases.
As the price of a good decreases, the quantity demanded increases.
As the price of a good increases, the quantity demanded remains constant.
As the price of a good decreases, the quantity demanded decreases.
Tags
DOK Level 1: Recall
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes market equilibrium?
The point where supply exceeds demand.
The point where demand exceeds supply.
The point where supply equals demand.
The point where prices are highest.
Tags
DOK Level 1: Recall
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the type of market structure characterized by a single seller.
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
Tags
DOK Level 1: Recall
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a tariff?
A tax on exports
A subsidy for domestic producers
A tax on imports
A quota on foreign goods
Tags
DOK Level 1: Recall
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of comparative advantage?
A country producing all goods more efficiently than another country.
A country specializing in the production of goods it can produce at a lower opportunity cost.
A country imposing tariffs to protect its industries.
A country producing goods at the same cost as another country.
Tags
DOK Level 1: Recall
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the government typically intervene in trade?
By setting prices for all goods
By imposing tariffs and quotas
By producing goods directly
By eliminating all trade barriers
Tags
DOK Level 1: Recall
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the demand for a product increases, what is likely to happen to the equilibrium price and quantity?
Both price and quantity will decrease.
Price will increase, and quantity will decrease.
Both price and quantity will increase.
Price will decrease, and quantity will increase.
Tags
DOK Level 2: Skill/Concept
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