Unit 3 Test Review

Unit 3 Test Review

11th Grade

10 Qs

quiz-placeholder

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Unit 3 Test Review

Unit 3 Test Review

Assessment

Quiz

Business

11th Grade

Practice Problem

Hard

Created by

Logan Payne

Used 5+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal Utility

The additional utility provided by one additional unit of consumption.

Price Floor that makes it Illegal for an employer to pay employees less than a certain hourly rate.

Total Satisfaction derved form consumer choices.

shows the possible combinations of two goods that are affordable given a consumer's limited income.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total Utility

an economic concept that measures responsiveness of one variable to changes in another variable.

When demand is great than one.

Total satisfaction derived from consumer choices

As we consume more of a good or service, the utility we get from additonial units becomes smaller than what we receieved from earlier units.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Minimum Wage

price floor that makes it illegal for an employer to pay employees less than a certain hourly rate.

total satisfaction derived form consumer choices.

When a price changes, consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price

the additonal utility provided by one additional unit of consumption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elasticity

An economic concept that measures responsiveness of one variable to changes in another variable.

total satisfaction derived form consumer choices.

the additional utility provided by one additional unit of consumption

when a price changes, consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Budget Constraint

price floor that makes it illegal for an employer to pay employees less than a certain hourly rate.

an economic concept that measures responsiveness of one variable to changes in another variable.

When demand is greater than 1.

Shows the Possible combinations of two goods that are affordable given a consumer's limited income.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elastic Demand

total satisfaction derived from consumer choices.

When supply is less than one.

When demand is greater than one.

The additional utility provided by one additional unit of consumption

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inelastic supply

shows the possible combinations of two goods that are affordable given a consumer's limited income

When supply is less than one

when demand is greater than one.

the additional utility provided by one additional unit of consumption.

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