Microeconomics 1

Microeconomics 1

9th - 12th Grade

36 Qs

quiz-placeholder

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Microeconomics 1

Microeconomics 1

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

M B

Used 156+ times

FREE Resource

36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the laws of supply and demand, a decrease in demand will cause prices to:
Increase
Decrease
Stay The Same
Equalize

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited Liability is a major disadvantage for which types of business structures?
Corporation & LLC
LLC & S-Corp
Partnership and Sole Proprietorship
Sole Proprietorship and Co-op

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of goods and services firms are will and able to sell at different prices is called:
Demand
Supply
Law of Demand
Law of Supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers will buy more at low prices, and less at high prices. This is known as:
The law of demand
The law of supply
Supply
Demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Based on the graph shown, what has happened?
Supply Increase
Supply Decrease
Demand Increase
Demand Decrease

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following scenarios would cause demand to decrease and prices to drop for a given good?
Shortage of Resources
Positive Celebrity Endorsement
A Bad Harvest
Negative News Report

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What types of goods are sold under the conditions of monopolistic competition
Identical
Similar, but differentiated
Abstract
Unique

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