
Econ Unit 2A Quiz
Quiz
•
Social Studies
•
12th Grade
•
Medium
Marc Keirns
Used 5+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of Supply...
When demand goes up supply goes down
Price and Quantity Supplied move in the
same direction.
As price goes up Quantity supplied increases.
When supply goes up demand goes down.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would cause the following graph?
A successful advertising campaign
A new law limiting age groups who can
buy the product.
A federal increase in min wage
A decrease in the price of the good.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This graph best represents which economic concept?
Decrease in supply
Decrease in Quantity Supplied
Decrease in Quantity Demanded
Decrease in Demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one possible reason why there was movement from point A
to B on the graph?
There was an increase in the price of the
good or service
There was an decrease in the price of the
good.
There was an decrease in the price of the
good.
A change in income
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Line B represents...
elastic supply
elastic demand
inelastic supply
inelastic demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. The only two ways to get a higher market equilibrium price is with an _______________.
Increase in demand or decrease in supply
Decrease in demand or decrease in supply
Increase in supply or decrease in demand
Increase in supply or increase in demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there is an increase in supply of a product, the market equilibrium price for that product
would...
decrease
Not be impacted
increase
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