
Unit 1 Microeconomics
Quiz
•
Social Studies
•
5th Grade
•
Practice Problem
•
Medium
Kathryn Wooters
Used 2+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is demand?
A consumer's desire to purchase goods and services and willingness to pay a specific price for them.
When the price of a product goes up, the quantity demanded will go down. When the price of a product goes down, the quantity demanded will go up.
Producers will supply more of a good or service at a higher price, producers will supply less of a good or service at a lower price.
The number of products that a producer or seller is willing and able to provide to buyers.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the law of demand?
Producers will supply more of a good or service at a higher price, producers will supply less of a good or service at a lower price.
People who buy or use goods and services to satisfy their wants or needs.
When the price of a product goes up, the quantity demanded will go down. When the price of a product goes down, the quantity demanded will go up.
Change in income, taste and fads, population, and price of a substitute.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the law of supply?
Change in income, taste and fads, population, and price of a substitute.
Producers will supply more of a good or service at a higher price, producers will supply less of a good or service at a lower price.
When the price of a product goes up, the quantity demanded will go down. When the price of a product goes down, the quantity demanded will go up.
A consumer's desire to purchase goods and services and willingness to pay a specific price for them.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are the determinants of demand?
Products and resources that satisfy people's needs and wants.
The number of products that a producer or seller is willing and able to provide to buyers.
People who buy or use goods and services to satisfy their wants or needs.
Change in income, taste and fads, population, and price of a substitute.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is supply?
Products and resources that satisfy people's needs and wants.
The number of products that a producer or seller is willing and able to provide to buyers.
People who buy or use goods and services to satisfy their wants or needs.
Someone who creates and supplies goods or services.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is a consumer?
People who buy or use goods and services to satisfy their wants or needs.
Someone who creates and supplies goods or services.
Products and resources that satisfy people's needs and wants.
Intangible activities, jobs, benefits or assistance that one person or business performs or provides to another.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is a producer?
Producers will supply more of a good or service at a higher price, producers will supply less of a good or service at a lower price.
A consumer's desire to purchase goods and services and willingness to pay a specific price for them.
Someone who creates and supplies goods or services.
A table that shows the quantity demanded at each price.
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