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Cl- X-ECO- 1

Authored by Jigme Dorji

Business

10th Grade

Used 1+ times

Cl- X-ECO- 1
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30 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does the Law of Demand state?

Price and quantity demanded are directly related

Price and quantity demanded are inversely related

Price and quantity supplied are inversely related

Price and demand have no relation

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

According to the Law of Supply, when the price of a good increases, the quantity supplied:

Decreases

Increases

Stays the same

Doubles

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the primary reason for the Law of Demand?

Consumer preferences

Availability of substitutes

The income and substitution effects

Government intervention

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If there is an increase in production costs, what happens to the supply curve?

Shifts right

Shifts left

Stays the same

Becomes steeper

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the major difference between demand and supply?

Demand shows willingness to buy, while supply shows willingness to sell

Demand depends on technology, while supply depends on income

Demand always exceeds supply

Supply determines price, but demand does not

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A demand curve generally slopes:

Upward

Downward

Horizontally

Vertically

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A demand schedule is a:

Table showing the quantity demanded at different prices

Graph showing the demand curve

Chart of government-imposed prices

Record of past prices

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