AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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21
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The lowest amount a manufacturer can pay factory workers is an example of

A
an incentive.
B
a price floor.
C
a price ceiling.
D
an elastic service.
22
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The study of the interaction between individuals and businesses is known as

A
the law of supply.
B
macroeconomics.
C
microeconomics.
D
elasticity.
23

The graph shows a point of equilibrium.If the quantity supplied is greater than the quantity demanded, what must happen to the price in order to reach equilibrium?

Question illustration
A
The price of the product will increase to meet equilibrium.
B
The price of the product will decrease to meet equilibrium.
C
Supply and demand must be raised.
D
Supply and demand must be lowered.
24

The law of supply demonstrates the behaviors of producers when they

A
change their company’s name.
B
decide to hire fewer workers.
C
supply goods to consumers.
D
launch a new marketing campaign.
25

The graph shows demand.In order to achieve equilibrium, what else must be included on the graph?

Question illustration
A
disequilibrium
B
supply curve
C
excess supply
D
excess demand

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