What is the law of supply and demand?
Economics Quiz

Quiz
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Other
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12th Grade
•
Easy
Danielle Sing
Used 6+ times
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37 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of supply and demand states that the price of a good or service is determined by the interaction of its demand and competition.
The law of supply and demand states that the price of a good or service is determined by the interaction of its supply and competition.
The law of supply and demand states that the price of a good or service is determined by the interaction of its supply and demand.
The law of supply and demand states that the price of a good or service is determined solely by its supply.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of elasticity of demand.
Elasticity of demand measures the responsiveness of quantity demanded to a change in income.
Elasticity of demand measures the responsiveness of income to a change in price.
Elasticity of demand measures the responsiveness of quantity supplied to a change in price.
Elasticity of demand measures the responsiveness of quantity demanded to a change in price.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors can cause a shift in the supply curve?
Changes in production efficiency, changes in consumer expectations, changes in consumer demographics
Changes in consumer income, changes in consumer tastes and preferences, changes in government spending
Changes in consumer demand, changes in exchange rates, changes in interest rates
Changes in production costs, technology, number of suppliers, government regulations, and expectations about future prices.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define inflation and explain its effects on the economy.
a broad rise in the prices of goods and services across the economy over time, eroding purchasing power for both consumers and businesses.
a broad drop in the prices of goods and services across the economy over time, increasing purchasing power for both consumers and businesses.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between demand-pull and cost-push inflation?
Demand-pull inflation is caused by an increase in production costs, while cost-push inflation is caused by an increase in aggregate demand.
Demand-pull inflation is caused by a decrease in aggregate demand, while cost-push inflation is caused by a decrease in production costs.
Demand-pull inflation is caused by an increase in aggregate demand, while cost-push inflation is caused by an increase in production costs.
Demand-pull inflation is caused by an increase in production costs, while cost-push inflation is caused by a decrease in aggregate demand.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is Gross Domestic Product (GDP) calculated?
By summing up the total value of all goods and services produced within a country's borders during a specific time period.
By dividing the total value of all goods and services produced within a country's borders during a specific time period.
By subtracting the total value of imports from the total value of exports within a country's borders during a specific time period.
By multiplying the total value of all goods and services produced within a country's borders by the population of the country.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the components of GDP?
consumption, savings, government spending, and exports
consumption, investment, government spending, and net exports
consumption, investment, taxes, and net exports
consumption, investment, government spending, and imports
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