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Unit 2 Economics

Authored by John Robinson

Social Studies

7th Grade

Unit 2 Economics
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?

Demand for gasoline will decrease 

Demand for gasoline will increase

Demand for gasoline will stay the same

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If the price of Frozen Yogurt increased then the demand for ice cream will 

increase

decrease

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the price of good A rises, people start to drink good B. In this case, what is good B considered?

luxury good

complementary good

substitute good

normal good

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

When CDs and MP3 players came along, demand for cassette players decreased. What would happen next to cassette tapes?

Demand would fall

Demand would increase

Supply would fall

Supply would increase

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

For the law of supply, as price rises, what happens to quantity supplied?

it goes up

it goes down

it stays the same

it is not effected

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What does this curve represent?

demand

supply

equilibrium

shortage

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What does this curve represent?

supply

equilibrium

demand

surplus

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