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Unit 2 Microeconomics

Authored by Stephanie Snell

Business

9th - 12th Grade

Used 10+ times

Unit 2 Microeconomics
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24 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

There is a direct relationship between price and quantity demanded
There is an inverse relationship between price and quantity demanded
There is no relationship between price and quantity demanded
There is an inverse relationship between income and quantity demanded

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods A and B are substitutes. An increase in the price of A will cause the demand for B to _________

Increase
Decrease

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods X and Y are complements. A decrease in the price of X will cause the demand for Y to _________

Increase
decrease

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Good N is a normal good. A decrease in income will cause the demand for N to ____________

increase
decrease

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Good R is an inferior good. A decrease in income will cause the demand for R to ___________

increase
decrease

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of supply?

There is a direct relationship between price and quantity supplied
There is an inverse relationship between price and quantity supplied
There is no relationship between price and quantity supplied
There is an inverse relationship between income and quantity supplied

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Identify the price elasticity of demand equation

% change in QD / % change in Price
% change in QS / % change in Price
% change in quantity of good A/ % change in price of good B
% change in quantity / % change in income

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