Eco- L 5.1 & 5.2- Test

Eco- L 5.1 & 5.2- Test

11th - 12th Grade

13 Qs

quiz-placeholder

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Eco- L 5.1 & 5.2- Test

Eco- L 5.1 & 5.2- Test

Assessment

Quiz

Social Studies, Professional Development, Business

11th - 12th Grade

Easy

Created by

Dilna Jasmine

Used 5+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_____________ states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.

Law of Demand

Law of Supply

Law of Diminishing Marginal Utility

Law of Business

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

___________ lists how much of a good or service an individual producer is willing and able to offer for sale at each price.

Supply Chart

Supply Curve

Supply Box

Supply schedule

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A supply curve slope is upward because price and quantity supplied have a _____ relationship.

direct

indirect

reverse

opposite

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_____ shows the data from a supply schedule in graph form

Supply Curve

Market supply schedule

Individual supply schedule

None of them

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

____ refers to the desire and ability to produce and sell a product.

Demand

Marginal supply

Supply

Marginal Utility

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

______ refers to having a worker focus on a particular aspect of production.

Increasing returns

Organization

Business Focus

Specialization

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_________ is a company’s income from selling its products.

Profit

Total Revenue

Total expense

Loss

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