APM_Unit 1 Review Quiz

APM_Unit 1 Review Quiz

9th - 12th Grade

64 Qs

quiz-placeholder

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APM_Unit 1 Review Quiz

APM_Unit 1 Review Quiz

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

The Coach Williams

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64 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if there is an increase in both demand and supply?

Price increases but quantity decreases
Price decreases but quantity increases
Price change is indeterminate; quantity increases
Both price and quantity increase

Answer explanation

When both demand and supply increase, quantity rises while price depends on the magnitude of the shifts.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decrease in supply with no change in demand will:

Decrease equilibrium price and quantity
Increase equilibrium price and decrease equilibrium quantity
Leave equilibrium unchanged
None of the above

Answer explanation

A decrease in supply raises equilibrium price and lowers equilibrium quantity.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Specialization in an economy generally leads to:

Lower opportunity costs
Decreased productivity
Less efficient resource use
Reduced trade benefits

Answer explanation

Specialization helps reduce opportunity costs and enhances productivity.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is allocative efficiency?

Producing goods at the lowest cost
Producing the mix of goods desired by society
Maximizing production of one good
Minimizing production time

Answer explanation

Allocative efficiency occurs when resources are used to produce what society values most.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A mixed economy combines elements of:

Command and market economies
Traditional and subsistence economies
Market economies only
Command economies only

Answer explanation

A mixed economy features both market-driven forces and government intervention.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital goods differ from consumer goods in that:

Capital goods are for immediate consumption
Consumer goods increase future productivity
Capital goods are used in producing other goods
Consumer goods cannot be traded

Answer explanation

Capital goods aid in production processes, unlike consumer goods for direct use.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a command economy?

Private ownership of resources
Decisions made by government planners
Competitive markets
Decentralized pricing

Answer explanation

Command economies rely on centralized decisions by the government.

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