Fundamentals of Economics Quiz
Authored by Nicole Tapia
Business
12th Grade
DOK Level 1: Recall covered
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
As the price of a good decreases, the quantity demanded remains the same.
Tags
DOK Level 1: Recall
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes market equilibrium?
The point where supply exceeds demand.
The point where demand exceeds supply.
The point where supply equals demand.
The point where prices are highest.
Tags
DOK Level 1: Recall
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "elasticity of demand" refer to?
The responsiveness of quantity demanded to a change in price.
The total amount of goods available for sale.
The difference between supply and demand.
The cost of producing one more unit of a good.
Tags
DOK Level 1: Recall
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a defining feature of a centrally planned economy?
Market forces determine production and pricing.
All economic activities are regulated by the government.
Private enterprises drive economic growth.
Individuals have complete control over their economic choices.
Tags
DOK Level 1: Recall
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy, who determines what goods and services are produced?
The government.
Consumers and producers.
Central planners.
International organizations.
Tags
DOK Level 1: Recall
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price if there is an increase in demand while supply remains constant?
The equilibrium price decreases.
The equilibrium price increases.
The equilibrium price remains the same.
The equilibrium price becomes zero.
Tags
DOK Level 1: Recall
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price elasticity of demand for a product is greater than 1, the demand is considered:
Inelastic.
Elastic.
Unitary elastic.
Perfectly inelastic.
Tags
DOK Level 1: Recall
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