
Economics: Basic Overview Quiz
Authored by Jess Smith
History
9th Grade
Used 7+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens according to the Law of Supply when the price of a good increases?
Producers are willing to supply less.
Consumers want to buy more.
Producers are willing to supply more.
Consumers want to buy less.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the equilibrium price?
The price where the amount supplied is less than the amount demanded.
The price where the amount supplied equals the amount demanded.
The price where the amount supplied is more than the amount demanded.
The price where the demand is zero.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factor generally leads to higher wages for workers?
Lower skill level
Higher skill level
Fewer job opportunities
Economic recession
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can cause wages to stay lower despite high demand for jobs?
Many qualified workers
Few qualified workers
High economic growth
High skill level
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one effect of higher production costs on goods?
Prices decrease
Prices increase
Prices remain stable
Prices become unpredictable
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Law of Demand?
As the price of a good increases, consumers want to buy more.
As the price of a good decreases, consumers want to buy more.
As the price of a good decreases, producers supply more.
As the price of a good increases, producers supply less.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one effect of economic growth on job availability?
It reduces high-demand jobs
It creates more high-demand jobs
It has no effect on jobs
It makes jobs obsolete
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