What is the law of supply and demand?

Elementary Economics Quiz

Quiz
•
Other
•
6th Grade
•
Hard
Casey Hawks
Used 4+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The higher the price, the higher the quantity demanded
The higher the price, the lower the quantity demanded
The higher the price, the higher the demand is
The lower the price, the lower the quantity demanded
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is inflation?
A decrease in the overall price level
An increase in the overall price level
A decrease in the quantity of money in circulation
An increase in the quantity of money in circulation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a monopoly?
A market structure with many sellers and buyers
A market structure with only one seller
A market structure with few sellers and many buyers
A market structure with no sellers and buyers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are needs in economics?
Desires that are necessary for survival
Desires that are not necessary for survival
Goods and services that are necessary for survival
Goods and services that are not necessary for survival
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are wants in economics?
Desires that are necessary for survival
Desires that are not necessary for survival
Goods and services that are necessary for survival
Goods and services that are not necessary for survival
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a budget?
A plan for spending and saving money
The total amount of money a person has
The amount of money earned from a job
The amount of money spent on wants
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the price of a product when there is high demand and low supply?
The price increases
The price decreases
The price remains the same
The price fluctuates
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