Econ 1

Econ 1

3rd Grade

52 Qs

quiz-placeholder

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Econ 1

Econ 1

Assessment

Passage

Other

3rd Grade

Medium

Created by

Sunny Scott

Used 7+ times

FREE Resource

52 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the state in which market supply and demand are balanced?

Elasticity

Scarcity

Equilibrium

Disequilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium price?

$3.00

$1.00

$5.00

None of these

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand is highest at which price?

$0.50

$1.00

$3.00

$3.50

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supply is highest at which price?

$0.50

$1.50

$3.00

$3.50

5.

MATCH QUESTION

1 min • 1 pt

Match the following

Demand

Amount of a good or service available for sale

Supply

Supply goes up as price increases

Law of Supply

Amount of a good or service consumers are able and willing to buy

Law of Demand

Demand goes up as price decreases and vice versa.

6.

CLASSIFICATION QUESTION

3 mins • 1 pt

Media Image

Organize these options into the right categories

Groups:

(a) True

,

(b) False

As price decreases, supply decreases

As price increases, demand decreases

As price decreases, demand increases

As price increases, supply increases

As price decreases, demand decreases

As price increases, supply decreases

As price decreases, supply increases

As price increases, demand increases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the situation where the quantity demanded is greater than the quantity supplied?

Corporations

Shortage

Aggregate demand

Open market operations

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