
----------------------2nd
Quiz
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Mathematics
•
University
•
Practice Problem
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Medium
Roshell Malinawan
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of demand states that as price decreases, quantity demanded increases.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The substitution effect explains why consumers buy more of a product when its price rises.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The income effect means that lower prices reduce consumers' purchasing power.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market equilibrium occurs when quantity demanded equals quantity supplied.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Higher production costs typically lead to an increase in supply.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A rise in the price of rice in the Philippines will likely decrease the quantity demanded.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Natural disasters can disrupt supply and lead to higher prices.
True
False
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