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Unit 2: Understanding Markets Test

Authored by Valerie Tomich

Social Studies

9th Grade

Used 2+ times

Unit 2: Understanding Markets Test
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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A factor other than price that affects demand:

Determinant of supply

Income effect

Determinant of demand

Diminishing marginal utility

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A product used instead of another when prices rise:

Complementary good

Substitute good

Related good

Substitution effect

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a small price change causes a big change in quantity demanded:

Inelastic demand

Elastic demand

Inelastic supply

Elastic supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government payment to fund public services:

Subsidy

Regulation

Salary

Tax

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government payment to businesses to encourage production:

Subsidy

Tax

Salary

Regulation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Additional output from adding one more unit of input:

Marginal product

Total product

Actual product

Total cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Costs that do not change with production level:

Fixed costs

Variable costs

Total costs

Marginal costs

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