Test your Knowledge

Test your Knowledge

University

10 Qs

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Test your Knowledge

Test your Knowledge

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

Riddhi Pasari

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a price is above equilibrium price, it creates a...

Shortage

Surplus

More Demand

Less Supply

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What causes a shift from D1 to D2 in the market of red roses?

Increase in price of roses

Decrease in price of tulips

Increase in the number of consumers

Increase in the quantity supplied

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If the demand for apple is price elastic, an increase in its price will increase total revenue in that market.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Cold weather in Florida has damaged orange crop. Farmers have limited amount of oranges to sell. What will happen

The prices will go up

The prices will go down

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A product is likely to have a price elasticity of demand that exceeds 1 when:

Its price falls

It is a necessity

It has close substitutes

Consumers are not very responsive to changes in price

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If the supply curve on this graph represents iPhones, what would cause the change from S to S1?

An increase in computer chips

An increase in the cost of producing an iPhone

Employees figure out a way to work more efficiently

The price of iPhones increases

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Good X and Y are substitutes. If the price of good X increases, then

The market price of good X will decrease.

The demand for good Y will decrease.

The demand for good X will not change.

The demand for good Y will increase.

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