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- 1. Multiple Choice
Ethan, Evelyn, and Noah went to a toy store. The store had different toys at different prices. Ethan was willing and able to buy a toy car for $10, Evelyn was willing and able to buy a doll for $15, and Noah was willing and able to buy a board game for $20. This scenario is an example of what concept?
Different quantities of goods consumers are willing and able to buy at different prices
Goods that consumers want to have
Quantities that consumers buy most often
All the goods and services that are available in the market
- 2. Multiple Choice
Abigail went to a grocery store and noticed that when the price of apples increased, fewer people bought them. This observation is an example of which economic principle?
There is a positive relationship between price and quantity demanded
There is an inverse relationship between price and quantity demanded
The more consumers demand, the higher the price of the good or service
Price is related to the supply of a good or service
- 3. Multiple Choice
Evelyn goes to a store to buy apples. She notices that as the price of apples increases, she buys fewer apples, and when the price decreases, she buys more. This scenario is demonstrating the Law of Demand with a downward sloping curve. Is this true?
True
False
- 4. Multiple Choice
Scarlett notices that the demand for her handmade jewelry has increased, even though the price has remained the same. This indicates that something other than price has changed.
True
False
- 5. Multiple Choice
When Daniel's favorite video game goes on sale, what happens to the demand curve for the game?
It moves along the curve
It shifts the curve to the left or right
Nothing, the demand curve won't change
The demand curve gets steeper
- 6. Multiple Choice
Nora goes to a store to buy apples. She notices that when the price of apples goes up, what happens to the quantity of apples she buys?
When the price goes up, Nora buys more apples
When the price goes up, Nora buys fewer apples
When the price goes down, Nora buys fewer apples
When the price goes down, Nora's apple buying remains unchanged
- 7. Multiple Choice
If the population of Lincoln, where Noah, Luna, and Zoe live, doubles due to a sudden influx of new residents, the demand for Starbucks in their town will
Shift to the right
Shift to the left
Move up along the curve
Move down along the curve
- 8. Multiple Choice
If the price of burritos at Juanita's food truck falls, the demand for tacos at Ava's food truck (a substitute) will
shifts to the left
shifts to the right
moves up along the curve
moves down along the curve
- 9. Multiple Choice
Avery and David are planning a picnic. They are discussing what food items to bring. Which of the following options is the best example of a complementary pair?
Peanut butter and Jelly
Pizza and hamburgers
Sunsets and Instagram posts
Studying and earning a good grade
- 10. Multiple Choice
Kai, Isla, and Ava are discussing economics. Kai says that a shift is a change in quantity demanded, not a change in demand. Is Kai's statement true or false?
True
False
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