Understanding Macroeconomics and Microeconomics

Understanding Macroeconomics and Microeconomics

6th Grade

10 Qs

quiz-placeholder

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Understanding Macroeconomics and Microeconomics

Understanding Macroeconomics and Microeconomics

Assessment

Quiz

Other

6th Grade

Hard

Created by

Hana Krause

Used 6+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does microeconomics study?

The behavior of individual households and firms

The economy as a whole, including inflation, growth, and unemployment

The decisions of countries and governments

The interaction between different countries' economies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a focus of macroeconomics?

The decision-making process of a single business

The study of how supply and demand determine prices in individual markets

National unemployment rates

The purchasing decisions of a family

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

As the price of a good increases, the supply of the good also increases.

As the price of a good increases, the demand for the good decreases.

As the price of a good decreases, the supply of the good decreases.

As the price of a good decreases, the demand for the good increases.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of supply state?

Suppliers will offer more of a good at a higher price.

Suppliers will offer less of a good at a higher price.

Suppliers will offer more of a good at a lower price.

Suppliers will offer less of a good at a lower price.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by a single seller and many buyers?

Perfect competition

Monopolistic competition

Oligopoly

Monopoly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which market structure do firms sell products that are similar but not identical?

Perfect competition

Monopolistic competition

Oligopoly

Monopoly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the equilibrium price when there is an increase in demand, assuming supply remains constant?

It decreases

It increases

It remains the same

It first increases, then decreases

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