Review

Review

12th Grade

20 Qs

quiz-placeholder

Similar activities

ENLIGHTENMENT THINKERS

ENLIGHTENMENT THINKERS

9th - 12th Grade

20 Qs

Empowerment Technologies

Empowerment Technologies

12th Grade

15 Qs

Gk Marathon-11 Quiz

Gk Marathon-11 Quiz

10th Grade - Professional Development

15 Qs

National Youth Day: SWAMI VIVEKANAND JYANTI

National Youth Day: SWAMI VIVEKANAND JYANTI

1st - 12th Grade

20 Qs

The Great Depression

The Great Depression

10th - 12th Grade

15 Qs

Documentary

Documentary

12th Grade

15 Qs

Kuis XII IPs

Kuis XII IPs

3rd Grade - University

15 Qs

The World's Wife review

The World's Wife review

11th - 12th Grade

18 Qs

Review

Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Melissa Ellis

Used 2+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'Supply' and provide an example.

Supply refers to the total amount of a good or service that is available to consumers at a given price. For example, if a bakery produces 100 loaves of bread each day, the supply of bread is 100 loaves.

Supply refers to the demand for a product by consumers at a given price. For example, if a bakery sells 100 loaves of bread each day, the demand for bread is 100 loaves.

Supply refers to the total amount of money consumers are willing to spend on a good or service. For example, if consumers spend $100 on bread each day, the supply of bread is $100.

Supply refers to the total number of consumers interested in a product. For example, if 100 people want to buy bread each day, the supply of bread is 100 people.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'Demand' and provide an example.

Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a given price over a specific period of time. For example, if the price of apples decreases, the demand for apples may increase as more consumers are willing to buy them.

Demand refers to the supply of a product that producers are willing to sell at a given price.

Demand is the amount of money consumers are willing to spend on luxury goods.

Demand is the desire of consumers to own goods without the ability to purchase them.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'Inelastic' and provide an example.

Inelastic refers to a situation in economics where the quantity demanded or supplied of a good or service does not change significantly when there is a change in price. An example of inelastic demand is insulin for diabetics; even if the price increases, the quantity demanded remains relatively constant because it is a necessary medication.

Inelastic refers to a situation where the quantity demanded or supplied changes significantly with a change in price. An example is luxury cars, where demand drops sharply with price increases.

Inelastic refers to a situation where the quantity demanded or supplied remains constant regardless of price changes. An example is seasonal fruits, which are only available at certain times of the year.

Inelastic refers to a situation where the quantity demanded or supplied increases significantly with a decrease in price. An example is electronic gadgets, where demand surges with price drops.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'Elastic' and provide an example.

Elastic refers to the ability of a material or object to return to its original shape after being stretched or compressed. An example of elasticity is a rubber band, which can be stretched and will return to its original shape when released.

Elastic refers to the ability of a material to conduct electricity. An example of elasticity is a copper wire, which allows electric current to pass through.

Elastic refers to the ability of a material to absorb water. An example of elasticity is a sponge, which can soak up water and expand.

Elastic refers to the ability of a material to resist heat. An example of elasticity is a ceramic tile, which can withstand high temperatures without melting.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'Law of Supply' and provide an example.

The 'Law of Supply' states that, all else being equal, an increase in the price of a good will lead to an increase in the quantity supplied. For example, if the price of oranges rises, orange farmers are likely to produce more oranges to take advantage of the higher prices.

The 'Law of Supply' states that, all else being equal, an increase in the price of a good will lead to a decrease in the quantity supplied. For example, if the price of oranges rises, orange farmers are likely to produce fewer oranges.

The 'Law of Supply' states that, all else being equal, a decrease in the price of a good will lead to an increase in the quantity supplied. For example, if the price of oranges falls, orange farmers are likely to produce more oranges.

The 'Law of Supply' states that, all else being equal, a decrease in the price of a good will lead to a decrease in the quantity supplied. For example, if the price of oranges falls, orange farmers are likely to produce fewer oranges.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'Law of Demand' and provide an example.

The Law of Demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded increases, and vice versa. For example, if the price of apples decreases from $1 to $0.50, consumers are likely to buy more apples.

The Law of Demand states that as the price of a good increases, the quantity demanded also increases, assuming all other factors remain constant.

The Law of Demand suggests that the quantity demanded of a good is unaffected by changes in its price.

The Law of Demand indicates that as the price of a good decreases, the quantity demanded decreases, assuming all other factors remain constant.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'Demand Curve' and provide an example.

A demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers at those prices. It typically slopes downward from left to right, indicating that as the price decreases, the quantity demanded increases. For example, if the price of apples decreases from $1 to $0.50, the quantity demanded may increase from 100 to 200 apples.

A demand curve is a graphical representation of the relationship between the supply of a good or service and the quantity supplied by producers at those prices.

A demand curve is a chart that shows the relationship between the price of a good and the quantity of the good that consumers are willing to buy at different prices, typically sloping upward.

A demand curve is a table that lists the quantity of a good that consumers will buy at different prices, without any graphical representation.

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?