Midterm Review Mini Unit 3

Midterm Review Mini Unit 3

12th Grade

9 Qs

quiz-placeholder

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Midterm Review Mini Unit 3

Midterm Review Mini Unit 3

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

CODY MORRIS

Used 3+ times

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9 questions

Show all answers

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

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines shortage?

The price at which the quantity supplied equals the quantity demanded

The quantity at which the price offered by firms equals the price consumers are willing to pay

When the quantity supplied is greater than the quantity demanded

When the quantity demanded is greater than the quantity supplied

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines surplus?

The price at which the quantity supplied equals the quantity demanded

The quantity which the price offered by firms equals the price consumers are willing to pay

When the quantity supplied is greater than the quantity demanded

When the quantity demanded is greater than the quantity supplied