Economics Quiz

Economics Quiz

12th Grade

78 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Yanique Moore

Used 5+ times

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78 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____ are things that people would like to have, while ____ are things that people need to survive.

Needs, wants

Necessities, demands

Supply, demand

Wants, needs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When people want more than a company is willing to supply, that product will experience a ____, and the price of that product will _____.

Surplus, decrease

Surplus, increase

Shortage, decrease

Shortage, increase

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When companies supply more than the consumers demand, that product will experience a ____, and the price of that product will _____.

Surplus, decrease

Surplus, increase

Shortage, decrease

Shortage, increase

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, when the price of a good or service ____, the demand for that same good or service will _____, and vice versa.

Decreases, increase

Decreases, stays the same

Increases, increase

Decreases, decreases

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____ is the principle that additional satisfaction from a good or service decreases as more units are consumed.

Rapidly decreasing utility

Diminishing marginal utility

Rapidly decreasing returns

Diminishing marginal returns

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competing products are often called ____, because consumers can use one in place of the other.

Demands

Utilities

Complements

Substitutes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the extent to which a change in the price causes a change in demand?

Demand elasticity

Demand curve

Demand schedule

Market demand

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