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Economics Quiz 3

Authored by Carson Grover

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12th Grade

20 Questions

Used 10+ times

 Economics Quiz 3
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the fundamental law of economics that asserts once the price of a good increases, so too does its production.

law of demand

law of supply

scarcity

equilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the fundamental law of economics that asserts once the price of a good increases, its consumption decreases.

law of demand

law of supply

scarcity

equilibrium

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an economy, this is the amount of a good or service purchased or desired for purchase by consumers.

supply

demand

scarcity

surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an economy, this is the amount of a good or service provided by producers.

supply

demand

scarcity

surplus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This book articulated and codified the foundational beliefs of modern free-market economics.

The Invisible Hand

The Wealth of Nations

Capitalism

Free Trade

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the concept that profit-driven individuals will provide for society’s needs.

The Invisible Hand

The Wealth of Nations

Capitalism

Free Trade

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the practice of eliminating tariffs in order to maximize regional and interregional commercial trade.

Free Trade

Capitalism

Laissez-faire

Tariffs

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