Economics Quiz
Authored by Chacon Chambers
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36 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In general, if the price of a good or service goes down, what happens to the demand for that good or service?
Demand goes up
Demand goes down
Demand stays the same
None of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the graph below represent?
Change in quantity supplied
Decrease in supply
Increase in supply
Decrease in supply demanded
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Given the graph that follows. What will happen to equilibrium price and quantity?
Price will increase and quantity increase
Price Increase & Quantity decrease
Price decrease & Quantity decrease
Price decrease & Quantity Increase
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Given the graph below, how Many cup holders are producers willing to supply at a price of $3.00?
3000
4000
5000
7000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the graph above show?
Shortage
Supply table
Surplus
Equilibrium
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price ceiling shown below,
Causes a shortage of 45 units
Is not binding because it is set below the equilibrium price
Makes it necessary for sellers to ration the good
None of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Point at which supply and demand come together
Price ceiling
Excess demand
Disequilibrium
Equilibrium
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