Unit 2: Understanding Supply and Demand Concepts

Unit 2: Understanding Supply and Demand Concepts

11th Grade

15 Qs

quiz-placeholder

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Unit 2: Understanding Supply and Demand Concepts

Unit 2: Understanding Supply and Demand Concepts

Assessment

Quiz

Social Studies

11th Grade

Hard

Created by

Shan Lewis

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the quantity of a product that consumers want?

Supply

Demand

Surplus

Price Floor

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the maximum price set by the government for a product?

Price Floor

Price Ceiling

Surplus

Invisible Hand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the buying of high-end luxury items to display wealth?

Price Elasticity

Conspicuous Consumption

Shortage

Supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the point called where supply and demand meet?

Surplus

Price Equilibrium

Price Floor

Shortage

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when too few goods are provided in the market?

Surplus

Shortage

Price Ceiling

Demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept refers to the amount a price for a product can rise before it causes a decrease in demand?

Price Floor

Price Elasticity

Supply

Surplus

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the minimum price set by the government for a product?

Price Ceiling

Price Floor

Surplus

Demand

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