Economics and Financial Literacy - Supply and Demand Test Review

Economics and Financial Literacy - Supply and Demand Test Review

12th Grade

15 Qs

quiz-placeholder

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Economics and Financial Literacy - Supply and Demand Test Review

Economics and Financial Literacy - Supply and Demand Test Review

Assessment

Quiz

Specialty

12th Grade

Easy

Created by

Joel Melvin

Used 4+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that when prices INCREASE the quantity demanded will _________________.

decrease

increase

remain the same

fluctuate unpredictably

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When we want to show a DECREASE in demand, we shift the demand curve to the _________________

left

right

up

down

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a million more people move to Florida, demand housing would _________________.

increase

decrease

remain the same

fluctuate unpredictably

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of peanut butter were to increase, then demand for JELLY would _________________.

decrease

increase

remain the same

fluctuate unpredictably

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand determinants are: number of buyers, income of buyers, _______________ of buyers, expectations of buyers and related goods.

preferences

age

location

education

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The point on the graph where supply and demand are equal is called _________________.

equilibrium point

intersection point

balance point

neutral point

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The _______________ graph shows the change in price and quantity when an increase or decrease in supply or demand takes place.

supply and demand

price elasticity

production possibility

cost-benefit

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