Search Header Logo

Economics Quiz (4)

Authored by SOLTES, R.

Others

University

Economics Quiz (4)
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do human wants become when backed by purchasing power?

Needs

Wants

Demands

Desires

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand state?

Demand is unrelated to price

Demand increases with price

Demand decreases with price

Demand remains constant with price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Giffen good?

A good that increases in demand when its price rises

A good that is always inelastic

A luxury good

A good that has no substitutes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary determinant of supply?

Consumer preferences

Market demand

Cost of factors of production

Government regulations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to supply if the price of a product is expected to fall in the future?

Current supply decreases

Supply becomes elastic

Supply remains unchanged

Current supply increases

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the relationship between price and quantity supplied according to the law of supply?

Direct

Inverse

Variable

No relationship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does price elasticity of demand measure?

Change in supply due to price

Change in demand due to price

Change in production costs

Change in consumer preferences

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?