
ss quiz review 3qrtr
Quiz
•
Social Studies
•
9th - 12th Grade
•
Easy
Nads (Rei)
Used 5+ times
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13 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
MODIFIED T OR F. Type TRUE if the statement is TRUE, type the correct answer of the wrong underlined word if its FALSE.
Indicates willingness to buy a particular good or service. It refers to the quantity of a commodity in the market that the individual wants to purchase in a given period of time. This is called Supply.
2.
FILL IN THE BLANK QUESTION
1 min • 1 pt
MODIFIED T OR F. Type TRUE if the statement is TRUE, type the correct answer of the wrong underlined word if its FALSE.
Ceteris Paribus.
A Latin phrase that means
"All other factors held constant"
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
MODIFIED T OR F. Type TRUE if the statement is TRUE, type the correct answer of the wrong underlined word if its FALSE.
The law of demand function says that quantity demanded varies inversely with price, other things constant. Thus, the higher the price, the smaller the quantity demanded.
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
MODIFIED T OR F. Type TRUE if the statement is TRUE, type the correct answer of the wrong underlined word if its FALSE.
At a lower price, consumers can buy more. A decline in price increases purchasing power. This is called the Income Effect.
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
ANSWER.
Products or services whose consumption increases as income increases are called ______ goods.
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
ANSWER.
For some goods or services, the quantity goes down as income increases. This is called ______ goods.
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
ANSWER.
A decrease in the price of one good leads to an increase in the demand for other product. This is called ______ goods.
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