Economics Mid-Term

Economics Mid-Term

12th Grade

20 Qs

quiz-placeholder

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Economics Mid-Term

Economics Mid-Term

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12th Grade

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value people put on a good or service and is reflected in its price is

free goods

economic cost

economic goods

economic services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The worth of everything is determined by its usefulness to the buyer

subjective value

intrinsic value

opportunity benefit

none of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Not just a willingness to buy but as the act of buying is

marginal utility

demand

economic services

none of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods that maybe used in the place of others is called

normal good

inferior good

substitute goods

none of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The higher the price buyers are willing to pay, the greater the quantity of the product a supplier will produce

supply schedule

supply curve

law of supply

none of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An excess of unsold products is

surplus

stock

normal goods

none of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A barrier preventing the price from falling lower is

market equilibrium point

price floor

market equilibrium price

price ceilings

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