TEST 4. The Demand and Supply. PV

TEST 4. The Demand and Supply. PV

University

15 Qs

quiz-placeholder

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TEST 4. The Demand and Supply. PV

TEST 4. The Demand and Supply. PV

Assessment

Quiz

Education

University

Easy

Created by

DINARA KURBANGALIEVA

Used 11+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is considered a demand shifter?

The price of the good itself.

The price of a substitute good.

The technology used in production.

The number of sellers in the market.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What economic term refers to the situation in which resources are insufficient to meet all wants and needs?

Scarcity

Demand

Surplus

Opportunity cost

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the law of demand?

As the price of a good rises, the quantity demanded increases

As the price of a good rises, the quantity demanded decreases

There is no relationship between price and quantity demanded

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the present value of $1,000 to be received in 3 years with an annual discount rate of 5%?

$863.84

$952.38

$848.93

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When representing supply and demand on a graph, what does the intersection of the two curves indicate?

Maximum price

Equilibrium price and quantity

Price floor

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does the law of demand state about the relationship between price and quantity demanded?

Inverse relationship

Direct relationship

No relationship

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, what is the term used to describe a table that shows the quantity of a good that buyers are willing and able to purchase at various prices?

Demand schedule

Supply schedule

Price schedule

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