Economics and Finance Exam

Economics and Finance Exam

12th Grade

23 Qs

quiz-placeholder

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Economics and Finance Exam

Economics and Finance Exam

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Amanda Campbell

Used 11+ times

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23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary relationship between price and quantity demanded according to economic theory?

They move in the same direction

They remain constant

They move in opposite directions

They are unrelated

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes a complementary good relationship?

Apples and oranges

Hot dogs and hot dog buns

Tea and coffee

Butter and margarine

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When supply increases (shifts right), what happens to equilibrium price?

Remains unchanged

Increases significantly

Decreases

Depends on elasticity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What occurs in a market when QD > QS?

Surplus exists

Shortage exists

Equilibrium occurs

Price remains stable

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which cost is considered variable in business operations?

Building lease

Raw materials

Insurance payments

Property taxes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During an economic recession, what typically happens to inferior goods?

Supply increases

Demand increases

Supply decreases

Price always rises

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes a movement along the supply curve?

Change in technology

Change in price

Change in consumer income

Change in number of sellers

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