
Unit 2 Price and Markets
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Megan Duyst
Used 2+ times
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45 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Microeconomics deals with behavior and decision making by small units such as ________ and firms.
individuals
governments
countries
continents
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: Demand is the ability and ________ to buy a product.
willingness
necessity
obligation
compulsion
3.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
A demand curve is a graph showing the quantity demanded at each ________ in the market.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: The law of demand states that quantity demanded has a ________ or inverse relationship with price.
negative
positive
direct
neutral
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Diminishing marginal utility states that the more units of a product a person acquires, the _______ eager they are to buy more.
less
more
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Change in quantity demanded is the movement along the demand curve due to a change in ________.
price
consumer income
tastes and preferences
population
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Change in demand is the shift of the entire demand curve due to factors like consumer income, tastes, substitutes, complements, expectations, and number of ________.
consumers
producers
products
markets
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