
Economics Quiz

Quiz
•
Geography
•
Professional Development
•
Hard
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when the price of a product is set above the equilibrium price?
Shortage occurs
Surplus occurs
Demand increases
Supply decreases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of demand states that as the price of a good increases,
Quantity demanded increases
Quantity demanded decreases
Quantity supplied decreases
Demand remains constant
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When demand increases and supply remains constant, the equilibrium price will:
Decrease
Stay the same
Increase
Drop to zero
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A shift to the right in the demand curve indicates:
A decrease in demand
An increase in demand
A decrease in supply
No change in demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What causes a movement along the supply curve?
A change in the price of the good itself
A change in the number of suppliers
A change in consumer preferences
A change in production technology
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a substitute good rises, what happens to the demand for the original good?
Increases
Decreases
Stays the same
Drops to zero
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A price ceiling set below the equilibrium price results in:
A surplus
A shortage
No effect
A decrease in demand
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