
UNIT 2 STUDY QUESTIONS / FRAMEWORK 1
Authored by Savannah Bush
History
12th Grade
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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 mins • 1 pt
Define demand:
The desire to own something and the ability to pay for it
The supply of goods available in the market
The cost of production of goods
The government regulation of prices
2.
MULTIPLE CHOICE QUESTION
30 mins • 1 pt
Define product market:
A market where products are bought and sold
A place where only services are exchanged
A financial market for trading securities
A market for new raw materials
3.
MULTIPLE CHOICE QUESTION
30 mins • 1 pt
Define law of demand:
The law of demand states that, all else being equal, as the price of a product increases, quantity demanded decreases, and as the price decreases, quantity demanded increases.
The law of demand states that, all else being equal, as the price of a product increases, quantity demanded increases.
The law of demand states that, all else being equal, as the price of a product decreases, quantity demanded decreases.
The law of demand states that, all else being equal, price and quantity demanded are unrelated.
4.
MULTIPLE CHOICE QUESTION
30 mins • 1 pt
Define law of supply:
The law of supply states that, all else being equal, an increase in price results in an increase in quantity supplied.
The law of supply states that, all else being equal, an increase in price results in a decrease in quantity supplied.
The law of supply states that, all else being equal, a decrease in price results in an increase in quantity supplied.
The law of supply states that, all else being equal, price and quantity supplied are unrelated.
5.
MULTIPLE CHOICE QUESTION
30 mins • 1 pt
Define price floor and list an example:
A price floor is a minimum price set by the government above the equilibrium price. Example: Minimum wage laws.
A price floor is a maximum price set by the government below the equilibrium price. Example: Rent control.
A price floor is a tax imposed on goods and services. Example: Sales tax.
A price floor is a subsidy given to producers. Example: Agricultural subsidies.
6.
MULTIPLE CHOICE QUESTION
30 mins • 1 pt
Define price ceiling and list an example:
A price ceiling is a maximum price set by the government below the equilibrium price. Example: Rent control.
A price ceiling is a minimum price set by the government above the equilibrium price. Example: Minimum wage.
A price ceiling is a tax imposed on goods to reduce consumption. Example: Cigarette tax.
A price ceiling is a subsidy given to producers to lower production costs. Example: Agricultural subsidies.
7.
MULTIPLE CHOICE QUESTION
30 mins • 1 pt
Define equilibrium:
Where supply and demand are the same.
Equilibrium is the point where only supply increases regardless of demand.
Equilibrium is when the price is always at its maximum value.
Equilibrium is the situation where demand is always greater than supply.
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