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Unit 1 - Test Review

Authored by Dustin McLochlin

Social Studies

9th - 12th Grade

Used 6+ times

Unit 1 - Test Review
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39 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the law of demand?

As the price of a good increases, the quantity demanded increases.
As the price of a good increases, the quantity demanded decreases.
As the price of a good decreases, the quantity demanded decreases.
The quantity demanded is unaffected by price changes.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the demand curve typically represented on a graph?

It slopes upward from left to right.
It slopes downward from left to right.
It is a vertical line.
It is a straight horizontal line.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of supply, what happens as the price of a good increases?

The quantity supplied increases.
The quantity demanded increases.
The quantity supplied remains constant.
The quantity supplied decreases.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about the supply curve is accurate?

It is a horizontal line.
It is a vertical line.
It typically slopes upward from left to right.
It typically slopes downward from left to right.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the relationship between supply and demand in establishing market equilibrium?

Market equilibrium occurs when supply exceeds demand.
Supply and demand are unrelated to market equilibrium.
Market equilibrium occurs when quantity demanded equals quantity supplied.
Market equilibrium is determined solely by supply.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What occurs when there is a shortage in a market?

The quantity demanded exceeds the quantity supplied.
Prices remain constant.
The quantity supplied exceeds the quantity demanded.
The market reaches equilibrium.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a surplus indicate in a market?

The quantity demanded exceeds the quantity supplied.
There is a shortage of goods available.
The quantity supplied exceeds the quantity demanded.
The market is in equilibrium.

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