
Financial Literacy Concepts
Authored by Jerry Lawrence
Social Studies
12th Grade
Used 2+ times

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62 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of demand states the relationship between the price of a good or service and the quantity demanded is:
Directly proportional
Inversely proportional
Unrelated
Constant
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of demand, as the price of a good or service decreases, what happens to the quantity demanded?
As the price of a good or service decreases, the quantity demanded increases.
As the price of a good or service decreases, the quantity demanded decreases.
As the price of a good or service decreases, the quantity demanded remains the same.
As the price of a good or service decreases, the quantity demanded becomes unpredictable.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The relationship between price and demand is an _______ relationship.
inverse
direct
neutral
unrelated
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Excited shoppers going to a Black Friday sale is an example of which economic law?
Law of Supply
Law of Demand
Law of Diminishing Returns
Law of Comparative Advantage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can influence the change in demand due to price?
Consumer preferences
Price elasticity
Government policies
Technological advancements
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The real income effect states about the relationship between price rise and a person's income that:
a person's real income increases as prices rise.
a person's real income decreases as prices rise.
a person's real income remains unchanged as prices rise.
a person's real income is not affected by price changes.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The substitution effect indicates that a good or service will be purchased more often if it has a ______ price and satisfies the consumer to a similar extent as a comparable product with a higher price.
lower
higher
similar
variable
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