
Economics Quiz

Quiz
•
Social Studies
•
9th - 12th Grade
•
Hard
Jacob Beling
Used 1+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the price of a product when demand exceeds supply?
Price decreases
Price increases
Price remains the same
Price fluctuates randomly
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a substitute good increases, the demand for the original good will likely:
Increase
Decrease
Stay the same
Become perfectly elastic
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would cause a shift in the demand curve to the right?
An increase in consumer income
A decrease in the price of the good
An improvement in technology
A decrease in the price of a substitute good
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a movement along the supply curve represent?
A change in the quantity supplied
A change in supply
A shift in demand
A change in consumer preferences
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there is an advancement in technology for producing smartphones, what will happen to the supply curve for smartphones?
It will shift to the left
It will shift to the right
It will stay the same
It will become vertical
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes equilibrium in the market?
When quantity demanded exceeds quantity supplied
When quantity supplied exceeds quantity demanded
When quantity demanded equals quantity supplied
When there is a government price control
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A decrease in the price of a complementary good will most likely:
Increase demand for the original good
Decrease supply of the original good
Have no effect on the original good
Shift the supply curve of the original good to the left
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