Macroeconomics Pre-Test

Macroeconomics Pre-Test

Assessment

Flashcard

Business

9th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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20 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What happens when supply exceeds demand in a market?

Back

Surplus

2.

FLASHCARD QUESTION

Front

Which term describes the value added when a product is available where it’s needed?

Back

Place Utility

3.

FLASHCARD QUESTION

Front

Which of these market structures has the most competition?
Options: Monopoly, Perfect Competition, Oligopoly, Monopolistic Competition

Back

Perfect Competition

4.

FLASHCARD QUESTION

Front

When prices rise significantly due to a shortage, this is an example of:

Back

Supply and demand interaction

5.

FLASHCARD QUESTION

Front

Which of the following best describes entrepreneurship? Options: The process of making products more valuable, Managing market competition, Starting and running a business with innovation and risk, Allocating resources to maximize income

Back

Starting and running a business with innovation and risk

6.

FLASHCARD QUESTION

Front

If a company raises prices and customers continue to buy the product, the demand is:

Back

Inelastic

7.

FLASHCARD QUESTION

Front

What is the purpose of a cost-benefit analysis?

Back

To compare costs and benefits of a decision

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