
Unit 2 Microeconomics
Quiz
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Medium
Stephanie Snell
Used 10+ times
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24 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
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 _________
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 _________
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 ____________
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 ___________
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of supply?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the price elasticity of demand equation
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