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Basic Economic Vocabulary Quiz

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Basic Economic Vocabulary Quiz
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16 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the quantity of a good or service that producers are willing and able to offer at various prices?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the quantity of a good or service that consumers are willing and able to buy at various prices?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the point where the quantity supplied equals the quantity demanded?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the measure of how much the quantity demanded or supplied of a good changes in response to a change in price?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the situation where quantity supplied exceeds quantity demanded at a given price?

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6.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the situation where quantity demanded exceeds quantity supplied at a given price?

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7.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the term for allocating goods and services when demand exceeds supply?

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