Econ Unit 2 Review

Econ Unit 2 Review

12th Grade

20 Qs

quiz-placeholder

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Econ Unit 2 Review

Econ Unit 2 Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Rickey McDowell

Used 14+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the price of something increases, the quantity demanded ____

​increases

remains unchanged

decreases

reverses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in quantity demanded is represented by _____

Substitution.

A shift of the demand curve.

​Movement along the demand curve.

Complements.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A hungry man is willing to pay a high price for food. After he is no longer hungry, he is not willing to pay the same high price. Which of the following best defines this example?

​a complement
​unit elasticity
​the substitution effect
​diminishing marginal utility

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2B On a demand curve, movement along the curve, as opposed to a shift in the entire curve, is a result of ___

​an increase in demand.
​a change in price.
​a decrease in demand.
​a change in demand.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2B Which would an economist consider a likely complement for coffee?

​tea
​donuts
​chicken
​water

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2C Why is a demand curve downward sloping?

​because quantity demanded increases as price decreases
​because of the natural elasticity of the market
​because it shows how increasing incentives changes demand
​because it reflects the desire, ability, and willingness of consumers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

​2C Which of these is the best description of a normal supply curve?

​Its slope goes down when the diagram is read from left to right
​Its slope is completely horizontal.
​Its slope goes up when the diagram is read from left to right.
​Its slope is mostly horizontal, with occasional vertical fluctuations.

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