Unit 2 Microeconomics Quiz - Custom Scholars
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Unit 2 Microeconomics Quiz

question
households
answer
which sector represents the owners of the productive resources in the Factor market?
question
households
answer
which sector is represented by the demand curve in the product market?
question
product market
answer
where are all final goods and services bought and sold?
question
more jobs
answer
what could happen in the economy if money flow increases?
question
less jobs
answer
what could happen in the economy if money flow decreases?
question
demand
answer
the different quantities of goods that consumers are willing and able to buy at different prices
question
supply
answer
the different quantities of a good that sellers are willing and able to sell at different prices
question
the law of supply
answer
there is a direct relationship between price and quantity supplied
question
the law of demand
answer
there is an inverse relationship between price and quantity demanded
question
supply
answer
supply or demand curve?
question
demand
answer
supply or demand curve?
question
subsidies
answer
a government payment that supports a business or market
question
excise tax
answer
tax on the production or sale of a good
question
regulation
answer
occurs when the government steps into a market to affect the price, quantity, or quality of a good; usually raises costs
1 of 14
question
households
answer
which sector represents the owners of the productive resources in the Factor market?
question
households
answer
which sector is represented by the demand curve in the product market?
question
product market
answer
where are all final goods and services bought and sold?
question
more jobs
answer
what could happen in the economy if money flow increases?
question
less jobs
answer
what could happen in the economy if money flow decreases?
question
demand
answer
the different quantities of goods that consumers are willing and able to buy at different prices
question
supply
answer
the different quantities of a good that sellers are willing and able to sell at different prices
question
the law of supply
answer
there is a direct relationship between price and quantity supplied
question
the law of demand
answer
there is an inverse relationship between price and quantity demanded
question
supply
answer
supply or demand curve?
question
demand
answer
supply or demand curve?
question
subsidies
answer
a government payment that supports a business or market
question
excise tax
answer
tax on the production or sale of a good
question
regulation
answer
occurs when the government steps into a market to affect the price, quantity, or quality of a good; usually raises costs
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