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Economics Unit 3 Practice Test Questions With Correct Answers.

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Economics Unit 3 Practice Test Questions With Correct Answers.

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Economics Unit 3 Practice Test
Questions With Correct Answers

According to the law of demand, ___________. - CORRECT
| | | | | | | | |



ANSWER✔✔-The demand for a product will increase when prices | | | | | | | | |



decrease


A key component to using quantity demanded is the notion of
| | | | | | | | | | |



__________. - CORRECT ANSWER✔✔-Income and Willingness
| | | | |




The direction of the demand curve is a visual representation of
| | | | | | | | | | |



__________. - CORRECT ANSWER✔✔-The law of demand
| | | | | |




What would NOT be a part of the explicit costs of a company? -
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CORRECT ANSWER✔✔-Interest
|




Which of the following would be a short-term decision for a grocery
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store? - CORRECT ANSWER✔✔-Hiring a new director for quality control
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and the meat department
| | |




The law of supply says that if the price of a good increases, so will the
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supply of the good. - CORRECT ANSWER✔✔-True
| | | | | |

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