WorksheetsGysin Unit 2 Econ Quiz
Total questions: 23
Worksheet time: 23mins
What exists when quantity supplied is greater than quantity demanded?
Surplus
Shortage
Overflow
Mass outrage
A market is said to be in equilibrium when
when demand is higher than the supply
when demand is lower than the supply
when the demand and supply quantities are equal
when the supply is doubled the demand
Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...
shortage
surplus
equilibrium
supply
When price increases, quantity demanded
increases
decreases
stays the same
maintains equilibrium
When price increases, quantity supplied
increases
decreases
When price decreases, quantity supplied
increases
decreases
According to the laws of supply and demand, when will companies produce more of a product?
When the price people will pay for it goes down
When demand decreases
When they can sell it for a higher price
When the economy turns downward
If Olivia Rodrigo starts drinking Pepsi, the demand for Pepsi decreases?
true
false
equilibrium
If the rubber to make crocs becomes more expensive, the supply of crocs will decrease.
true
false
crocodiles become endangered.
If you win the lottery, your demand for most goods increases.
true
false
If the price of McDonalds burgers increases, the demand for In-N-Out burgers decreases.
true
false
In-N-Out is overrated. Demand for Five Guys increases
uh oh, is that last option a trick question....(no)
The price of chikfila chicken sandwiches decreases, the demand for chikfila sauce increases.
true
false
In-N-Out is better
Bonus question, choose the correct answer below....
In-N-Out is the best burger.
In-N-Out is not the best burger.
choose your answer wisely......
Life saving medicine is an inelastic good.
true
false
rubber bands are not elastic. idk what elastic goods are....mr gysin helpppp
Burritos are an elastic good.
false
true
In a market with Monopolistic competition, all products are identical and all buyers and sellers are well informed.
true
false
idk, I never played Monopoly as a kid
Fast food restaurants are an example of monopolistic competition.
true
false
Pure Competition doesn't really exist.
true
false
In a monopoly ,
there are multiple companies selling the same product
One company controls 75% of the market.
In an Oligopoly,
One company controls the market
a few large companies control the market
Car companies are an example of an oligopoly.
true
false
