Unit 3 Test Econ
Quiz
•
Business
•
9th - 12th Grade
•
Easy
Darek Tillman
Used 1+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is the law of demand?
As price increases, demand increases
As price increases, demand decreases
As price decreases, demand decreases
Demand is not affected by price
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following best defines price equilibrium?
The price at which supply exceeds demand
The price at which demand exceeds supply
The price at which quantity supplied equals quantity demanded
The highest possible price for a product
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is NOT a factor of production?
Land
Labor
Money
Capital
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which type of market is characterized by a single seller?
Perfect competition
Monopolistic competition
Monopoly
Oligopoly
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is the main purpose of government economic regulations?
To increase profits for businesses
To control inflation only
To influence or control economic activity for the public good
To eliminate all competition
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
If the supply of a product increases while demand remains the same, what is likely to happen to the equilibrium price?
It will increase
It will decrease
It will stay the same
It will become unpredictable
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is an example of a government regulation in the economy?
Setting minimum wage laws
Allowing free trade without restrictions
Encouraging monopolies
Ignoring environmental concerns
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