
Economics Mid-Term
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12th Grade
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The value people put on a good or service and is reflected in its price is
free goods
economic cost
economic goods
economic services
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The worth of everything is determined by its usefulness to the buyer
subjective value
intrinsic value
opportunity benefit
none of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Not just a willingness to buy but as the act of buying is
marginal utility
demand
economic services
none of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods that maybe used in the place of others is called
normal good
inferior good
substitute goods
none of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The higher the price buyers are willing to pay, the greater the quantity of the product a supplier will produce
supply schedule
supply curve
law of supply
none of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An excess of unsold products is
surplus
stock
normal goods
none of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A barrier preventing the price from falling lower is
market equilibrium point
price floor
market equilibrium price
price ceilings
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