Economics Quiz
Authored by CONNIE BOUTWELL
Social Studies
12th Grade
Used 1+ times
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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are substitute goods?
Products or services that can be used in place of each other.
Products and services that are used together.
Government payment to encourage economic activity.
Required payments to a government.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are complementary goods?
Products and services that are used together.
Products or services that can be used in place of each other.
The quantity of a good or service that consumers are willing and able to buy.
The quantity of something that producers have available for sale.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a subsidy?
Government payment to encourage or protect a certain economic activity.
Required payments to a government.
The price at which the quantity demanded equals the quantity supplied.
The quantity of something that producers have available for sale.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are taxes?
Required payments to a government.
Government payment to encourage economic activity.
The quantity of a good or service that consumers are willing and able to buy.
Products or services that can be used in place of each other.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a surplus?
A situation in which quantity demanded is greater than quantity supplied
A situation in which quantity supplied is greater than quantity demanded
A situation in which supply and demand are equal
A situation in which there is no demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a shortage?
A situation in which quantity supplied is greater than quantity demanded
A situation in which quantity demanded is greater than quantity supplied
A situation in which supply and demand are equal
A situation in which there is no supply
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a supply curve represent?
The relationship between price and quantity demanded
The relationship between price and quantity supplied
The relationship between demand and supply
The relationship between price and equilibrium
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