ECON Final Exam

ECON Final Exam

Assessment

Flashcard

Social Studies

12th Grade

Hard

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122 questions

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1.

FLASHCARD QUESTION

Front

In economics, a shortage of a product occurs when: the product's price falls below its market-clearing level, the product's market-clearing level reduces overall demand, the people who buy the product consume more than they need, the businesses producing the product become less efficient

Back

the product's price falls below its market-clearing level

2.

FLASHCARD QUESTION

Front

When there is a shortage, the price will usually?

Back

rise

3.

FLASHCARD QUESTION

Front

What is the equilibrium quantity?

Back

70

4.

FLASHCARD QUESTION

Front

If the price is $2, there will be...

Back

A shortage of 45

5.

FLASHCARD QUESTION

Front

In order to reduce shortages, business owners will likely ____ prices.

Back

increase

6.

FLASHCARD QUESTION

Front

What is the major difference between scarcity and a shortage?

Back

Shortages are temporary and scarcity always exist.

7.

FLASHCARD QUESTION

Front

The market equilibrium price is the price at which:

Back

the quantity demanded is the same as the quantity supplied

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