Unit 2 final review

Unit 2 final review

12th Grade

10 Qs

quiz-placeholder

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Unit 2 final review

Unit 2 final review

Assessment

Quiz

History

12th Grade

Hard

Created by

Casey Strausbaugh

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a surplus in the context of market equilibrium?

A situation where quantity demanded is greater than quantity supplied

A situation where quantity supplied is greater than quantity demanded

A situation where prices are below equilibrium

A situation where quantity demanded equals quantity supplied

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a determinant of supply?

Cost of resources

Number of buyers

Consumer preferences

Income levels

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the market when there is excess demand?

A shortage occurs

Prices tend to decrease

A surplus occurs

Supply increases immediately

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do technological improvements affect supply?

They increase production costs

They lower production costs and increase supply

They have no effect on supply

They decrease profitability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of a price ceiling?

It increases the supply of goods

It sets a maximum price below equilibrium

It sets a minimum price above equilibrium

It decreases the demand for goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes elastic demand?

Demand decreases as price decreases

Demand is very sensitive to price changes

Demand remains constant regardless of price changes

Demand increases as price increases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the impact of a subsidy on supply?

It increases the supply of a good

It increases the demand for a good

It has no effect on supply

It decreases the supply of a good

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