A.P. Microeconomics

A.P. Microeconomics

12th Grade

54 Qs

quiz-placeholder

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A.P. Microeconomics

A.P. Microeconomics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Musical Mike

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54 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is market?

A group of buyers and sellers of a particular good and service

Increase in demand

Decrease in supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is competitive market?

Market in which there are nay buyers and sellers

Negligible impact on market price

Price and Quantity are determined by all buyers and sellers

All of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Quantity Demanded is...

Law of Demand

An amount of a good that buyers are willing to and able to purchase

A sum of all individuals demands for a good or service

An increase in one price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the variables of the demand curve

Tastes, Expectations

Input prices, Technology

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What will happen to the price & quantity of pizzas if a new study shows pizza is the ultimate health food?

Price-Decrease & Quantity Increase

Price-Decrease & Quantity-No Change

Price-Increase & Quantity-Decrease

Price-Increase & Quantity-Increase

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A listing of the specific quantities that would be purchased at various prices is known as....

Price Points
Price Elasticity
Demand Schedule
Demand Curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On the market demand and supply graph, the vertical axis shows __________________.

demand.
equilibrium.
prices.
quantity.

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