Economics Tester

Economics Tester

12th Grade

8 Qs

quiz-placeholder

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Economics Tester

Economics Tester

Assessment

Quiz

Financial Education

12th Grade

Hard

Created by

Shaunak Mahalley

Used 1+ times

FREE Resource

8 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

20 sec • 10 pts

What is Demand?

2.

MULTIPLE CHOICE QUESTION

20 sec • 10 pts

The law of demand states that:

If the demand is more than the supply and prices are low, consumers will buy more of the commodity.

The law of demand states that if all other factors affecting demand remain constant, the buyers will buy more quantity of a commodity at lower price and less of it at a higher price

The law of demand states that if all other factors affecting demand increase, the buyers will buy more quantity of a commodity at high price and less of it at a low price

If the supply is more than the demand and prices are high, consumers will buy less of the commodity.

3.

MULTIPLE CHOICE QUESTION

20 sec • 10 pts

Who is considered the father of economics?

Robert Oppenhiemer

Charles Babbage

Galileo Galilei

Adam Smith

4.

MULTIPLE SELECT QUESTION

20 sec • 10 pts

What causes imbalances of demand & supply?

Consumer's Budget

Disequilibrium Situation & prices.

Unequal Demand and Supply.

Various factors such as changes in consumer preferences, government policies, money shortage, and economic conditions.

5.

MULTIPLE CHOICE QUESTION

20 sec • 10 pts

When Demand decreases, but supply remains same, the price of the commodity:

Increases

Falls

Remains same

None

6.

MULTIPLE SELECT QUESTION

20 sec • 10 pts

Imbalances and Cascading effects of Demand & Supply affect:

Globe

Country's Economy

SDG's or Sustainable Development Goals

USA

7.

DRAW QUESTION

20 sec • 10 pts

Draw the Supply Curve:

Media Image

8.

MULTIPLE SELECT QUESTION

20 sec • 10 pts

Wants cannot be changed to demands unless and until:

The person has adequate money and willingness to buy.

The person has not adequate money.

The person's age is not eligible for the good

The good is available in the market.