Term 2 Recap

Term 2 Recap

9th Grade

20 Qs

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Term 2 Recap

Term 2 Recap

Assessment

Quiz

Social Studies

9th Grade

Practice Problem

Medium

Created by

KLEVE LIWANEN

Used 4+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factors affect the elasticity of supply?

Consumer preferences

Weather conditions

Government regulations

Factors affecting the elasticity of supply include availability of resources, production time, flexibility of production, and number of suppliers.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the availability of substitutes influence demand elasticity?

The availability of substitutes increases demand elasticity.

The availability of substitutes makes demand perfectly inelastic.

Substitutes have no effect on demand elasticity.

The availability of substitutes decreases demand elasticity.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four main types of market structures?

Perfect competition, monopolistic competition, oligopoly, monopoly

Monopoly, perfect competition, competitive market, oligopolistic market

Monopolistic monopoly, perfect competition, oligopoly, market failure

Perfect monopoly, oligopolistic competition, duopoly, perfect competition

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the primary causes of inflation in an economy?

Government budget surpluses

Increased savings rates

Decreased consumer spending

Demand-pull inflation, cost-push inflation, built-in inflation, monetary policy, and external factors.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some positive consequences of economic growth?

Decreased job opportunities

Increased employment, higher income levels, improved public services, enhanced living standards, and innovation.

Lower income levels

Deterioration of public services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can market failures occur in an economy?

Market failures occur only in monopolistic markets.

Market failures are a result of high consumer demand.

Market failures are caused by government intervention.

Market failures can occur due to externalities, public goods, information asymmetry, and market power.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of market equilibrium?

Market equilibrium is the point where supply equals demand.

Market equilibrium is when prices are at their highest.

Market equilibrium is the point where demand exceeds supply.

Market equilibrium occurs when there is a surplus of goods.

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