Demand, Supply, Elasticity, Equilibrium

Demand, Supply, Elasticity, Equilibrium

9th - 12th Grade

35 Qs

quiz-placeholder

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Demand, Supply, Elasticity, Equilibrium

Demand, Supply, Elasticity, Equilibrium

Assessment

Quiz

Social Studies

9th - 12th Grade

Hard

Created by

Ira Rachmiati

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the law of demand?

As price rises, quantity demanded increases

As income falls, demand increases

As price rises, quantity demanded falls

Demand is independent of price

Price and demand move together

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when the price is below equilibrium?

Surplus

Market clears

Shortage

Price remains unchanged

Marginal utility is constant

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in consumer income would cause the demand curve for normal goods to:

Shift to the left

Stay unchanged

Shift to the right

Move along the curve

Become vertical

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the supply of coffee decreases due to drought, what happens to equilibrium price?

Decreases

Stays constant

Increases

Drops to zero

Cannot be determined

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would shift the supply curve of wheat to the right?

A drought in wheat-producing regions

A tax on wheat producers

A technological advancement in farming

Increase in fertilizer prices

Workers’ strike

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the price elasticity of demand measure?

The change in supply due to price

Responsiveness of demand to income

Responsiveness of quantity demanded to price

Total revenue from sales

Marginal cost of consumers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If demand is elastic, what happens when price increases?

Total revenue increases

Total revenue decreases

Total revenue stays constant

Demand rises

Quantity demanded is unaffected

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