Econ Quiz

What is the law of demand?

• As the price of a good increases, the quantity demanded increases.

• As the price of a good increases, the quantity demanded decreases.

• As the price of a good decreases, the quantity demanded decreases.

• There is no relationship between price and quantity demanded.

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DOK Level 1: Recall

Which of the following is included in the calculation of Gross Domestic Product (GDP)?

• The value of intermediate goods

• The value of final goods and services

• The value of used goods

• The value of illegal goods

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DOK Level 1: Recall

What is a characteristic of a perfectly competitive market?

• Few sellers

• Differentiated products

• No barriers to entry

• Price makers

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DOK Level 1: Recall

What is inflation?

• A decrease in the general price level of goods and services

• An increase in the general price level of goods and services

• A decrease in the supply of money

• An increase in the supply of money

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DOK Level 1: Recall

Which of the following is an example of fiscal policy?

• Changing the interest rate

• Adjusting the money supply

• Government spending on infrastructure

• Regulating the banking sector

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DOK Level 1: Recall

What does the Consumer Price Index (CPI) measure?

• The average change in prices paid by consumers for goods and services

• The total value of goods and services produced in a country

• The level of unemployment in the economy

• The amount of money in circulation

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DOK Level 1: Recall

Explain how a decrease in supply affects the equilibrium price and quantity in a market.

• Equilibrium price decreases, equilibrium quantity increases

• Equilibrium price increases, equilibrium quantity decreases

• Equilibrium price increases, equilibrium quantity increases

• Equilibrium price decreases, equilibrium quantity decreases

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DOK Level 2: Skill/Concept

How does an increase in government spending affect aggregate demand?

• It decreases aggregate demand

• It has no effect on aggregate demand

• It increases aggregate demand

• It decreases aggregate supply

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DOK Level 2: Skill/Concept

Compare and contrast monopolistic competition and oligopoly.

• Both have many sellers, but oligopoly has differentiated products.

• Monopolistic competition has few sellers, while oligopoly has many sellers.

• Both have few sellers, but monopolistic competition has differentiated products.

• Monopolistic competition has many sellers with differentiated products, while oligopoly has few sellers.

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DOK Level 2: Skill/Concept

Analyze the impact of deflation on consumer behavior and business investment.

• Consumers spend more, businesses invest more

• Consumers spend less, businesses invest more

• Consumers spend more, businesses invest less

• Consumers spend less, businesses invest less

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DOK Level 3: Strategic Thinking