Economics Supply and Demand Review

Economics Supply and Demand Review

12th Grade

15 Qs

quiz-placeholder

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Economics Supply and Demand Review

Economics Supply and Demand Review

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

John Robinson

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Which of the following will increase only the QUANTITY demanded for peaches?

The price of peaches declines

Apples, a substitute, becomes cheaper

A tropical storm destroys hundreds of acres of peach trees

An increase in supply of peaches

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

the cost of producing the good increases/decreases based on the materials necessary to produce

input costs

market equilibrium

There is a fungus that kills much of the corn crop in Nebraska.

shifts

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A typical DEMAND CURVE...

slopes DOWNWARD to the RIGHT

Coke & Pepsi

the estimated amount of a given commodity (good or service) people will buy at different prices

looks so cool

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Which of the following best describes a demand curve?

a graph of the relationship between the price of a good and the quantity demanded

The Law of Demand

a DECREASE in DEMAND

there is change in the QUANTITY DEMANDED

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The idea that resources are limited; we don't have an unlimited supply of what we want

scarcity

supply

demand

inflation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What choice below describes the following definition: the theory of social science that deals with issues such as money, banking, wealth, resources, interest rates, inflation, unemployment, business cycles, investing, etc.

Economics

Life!

I'm not sure, Mr. S.! Can you help me out?

KFC

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Please complete the following sentence: ____ are people whose efforts and skills go into the production of goods and services.

Labor

Markets

Economics

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