Economics CSA #2

Economics CSA #2

12th Grade

29 Qs

quiz-placeholder

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Economics CSA #2

Economics CSA #2

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Ben Wolgemuth

Used 4+ times

FREE Resource

29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The idea that suggests as price increases, the amount of goods/services purchased decreases in known as the Law of:

Demand

Supply

Diminishing Marginal Utility

Elasticity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In our American free enterprise system, the market price is determined by

Government distribution of goods and services in the marketplace.

Demand for goods and services.

The interaction of the forces of supply and demand

What is available for producers to supply.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The idea suggesting that a change in inputs of production leads to a change in output is the:

Principle of Diminishing Marginal Utility

Law of Variable Proportions

Law of Diminishing Returns

Elasticity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This economic concept states that as people consume more and more units of a product, they become less eager to acquire additional units.

Principle of Diminishing Marginal Utility

Law of Variable Proportions

Law of Diminishing Returns

Elasticity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This economic idea shows the point that additional units of input may add less and less to total output is known as:

Principle of Diminishing Marginal Utility

Law of Variable Returns

Law of Diminishing Returns

Elasticity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best describes the Law of Supply:

Sellers will offer more goods at a higher price than a lower price

Buyers will purchase more at lower prices than higher prices

Price changes will have little effect on the demand of the product

Buyers will purchase more at higher prices if the good is scarce

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The reason why businesses would offer "deals" on purchases of a larger quantity of a good demonstrates which economic concept?

A. Principle of Diminishing Marginal Utility

B. Law of Variable Proportions

C. Law of Diminishing Returns

D. Elasticity

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