Unit 1 Test

Unit 1 Test

11th Grade

32 Qs

quiz-placeholder

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Unit 1 Test

Unit 1 Test

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Zachery Wimpelberg

Used 1+ times

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

What does the Law of Supply state?

As the price of a good increases, the quantity supplied decreases.

As the price of a good increases, the quantity supplied increases.

2.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

What occurs when a price ceiling is below equilibrium price?

It causes a shortage.

No effect.

3.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

Which is a negative externality in production?

Bees pollinating crops.

Factory emitting pollution.

4.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

What is a characteristic of a public good?

Non-excludable and non-rival.

Non-excludable but rival.

5.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

What occurs when a market reaches equilibrium?

Supply equals demand.

Demand exceeds supply.

6.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

What occurs when a price floor is set above the equilibrium price?

It leads to a surplus.

It leads to a shortage.

7.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

Which is an example of market failure?

Monopoly power.

Efficient resource allocation.

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