AP Micro Short Final

AP Micro Short Final

12th Grade

22 Qs

quiz-placeholder

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AP Micro Short Final

AP Micro Short Final

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Jeff Searcy

Used 3+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of supply, price and quantity have which relationship?

Positive

Negative

No

Inverse

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum legal price of a good or service called?

Price ceiling

Price floor

Equilibrium price

Market price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of supply, the points on the curve are known as what?

Quantity supplied

Equilibrium price

Demand points

Market surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a model economists use to show the relationships in the economy, where business and households are the actors in the economy who interact in the resource and product market?

Circular Flow

Supply and Demand Curve

Production Possibilities Frontier

Law of Diminishing Returns

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the point of intersection between the market demand curve and the market supply curve called?

Equilibrium

Surplus

Deficit

Monopoly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What law states as the price of a good rises the good consumers are willing and able to buy will decrease?

Law of demand

Law of supply

Law of diminishing returns

Law of equilibrium

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is it called when there is a larger quantity supplied than there is quantity demanded?

Surplus

Shortage

Equilibrium

Deficit

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