Practice Topic 2

Practice Topic 2

University

11 Qs

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Practice Topic 2

Practice Topic 2

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

Utin Roziana

Used 8+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines a market in economic terms?

A building where buying and selling occurs

An agreement where government sets prices

A system where buyers and sellers interact

A place where products are stored for sale

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a public good?

Ice cream

Street lighting

Cell phone

Private car

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of tea increases and consumers buy more coffee instead, this demonstrates that:

Coffee and tea are complementary goods

Tea has inelastic demand

Coffee is a substitute for tea

Tea is a necessity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand assumes:

Consumer income changes frequently

Prices of related goods fluctuate often

Other factors remain constant (ceteris paribus)

Prestige value of goods rises with income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the demand curve shifts to the right, this indicates:

A fall in demand

A fall in price

An increase in quantity demanded due to price change

An increase in demand at all price levels

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which condition can cause a shift in the demand curve for smartphones?

Price of smartphones falls

Consumers' income increases

Quantity supplied increases

The production cost falls

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fall in the cost of microchips (a production input) will most likely:

Increase the quantity demanded

Increase the supply of smartphones

Decrease market price

Increase consumer demand

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