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Midterm Review Mini Unit 3

Authored by CODY MORRIS

Social Studies

12th Grade

Used 3+ times

Midterm Review Mini Unit 3
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following defines demand curve?

The amount of a good or service consumers are willing and able to buy at a given price

The amount of a good or service businesses are willing and able to produce at a given price

A graph showing how the amount of a good or service demanded changes with a change in price

A graph showing how the amount of a good or service supplied changes with a change in price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines supply curve?

The amount of a good or service consumers are willing and able to buy at a given price

The amount of a good or service businesses are willing and able to produce at a given price

A graph showing how the amount of a good or service demanded changes with a change in price

A graph showing how the amount of a good or service supplied changes with a change in price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines quantity demanded?

The amount of a good or service consumers are willing and able to buy at a given price

The amount of a good or service businesses are willing and able to produce at a given price

A graph showing how the amount of a good or service demanded changes with a change in price

A graph showing how the amount of a good or service supplied changes with a change in price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines quantity supplied?

The amount of good or service consumers are willing and able to buy at a given price

The amount of a good or service businesses are willing and able to produce at a given price

A graph showing how the amount of a good or service demanded changes with a change in price

A graph showing how the amount of a good or service supplied changes with a change in price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines the law of demand?

As price increases, quantity demanded decreases

As price increases, quantity demand increases

How a change in price effects the quantity demanded for a good or service

How a change in price effects the quantity supplied for a good or service

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines the law of supply?

As price increases, quantity supplied decreases

As price increases, quantity supplied increases

How a change in price effects the quantity demanded for a good or service

How a change in price effects the quantity supplied for a good or service

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, the forces of supply and demand interact to determine:

Balance

Interest rates

Price

Quantity

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