AP Micro Short Final
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Jeff Searcy
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22 questions
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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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