Exam 2: Units 4-6

Exam 2: Units 4-6

12th Grade

22 Qs

quiz-placeholder

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Exam 2: Units 4-6

Exam 2: Units 4-6

Assessment

Quiz

Business

12th Grade

Medium

Created by

William Widmer

Used 6+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does supply refer to in the context of market forces for supply and demand?

The quantity of a good or service that consumers are willing and able to buy at various prices.

The quantity of a good or service that producers are willing and able to offer for sale at various prices.

The amount of money required to purchase a good or service.

The total number of goods available in the market.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does demand refer to in the context of market forces for supply and demand?

The quantity of a good or service that producers are willing and able to offer for sale at various prices.

The total number of goods available in the market.

The quantity of a good or service that consumers are willing and able to buy at various prices.

The amount of money required to purchase a good or service.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can a change in supply or demand affect the market?

It can change the equilibrium price and quantity.

It can only affect the quality of goods and services.

It can only change the preferences of consumers.

It can only affect the number of producers in the market.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does elasticity measure in the context of supply and demand?

The maximum price of a good

The responsiveness of quantity demanded or supplied to a change in price

The quantity of a good supplied at different prices

The percentage change in quantity demanded over time

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a supply schedule?

A list of prices for different goods

A graph showing the demand for a product

A table showing the quantity of a good supplied at different prices

A method to calculate price elasticity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can cause movements along the supply and demand curves?

Changes in consumer preferences only

Changes in technology only

Changes in price only

Changes in factors such as input costs, technology, or consumer preferences

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can cause shifts in the supply and demand curves?

Changes in price only

Changes in factors such as input costs, technology, or consumer preferences

Movements along the curves

The responsiveness of quantity demanded or supplied

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