Practice Market Interactions (1.3) - Microeconomics - IB 10 Individuals & Societies

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9 questions

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4 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is the law of demand?
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Think about how consumers react to price changes.
Question 2.
Define supply.
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Consider what affects a producer's willingness to sell.
3Question 3.
What describes the law of demand?
- As price increases, demand increases
- As price decreases, demand decreases
- As price increases, demand decreases
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Consider the consumer's behavior when prices rise.
4Question 4.
True or False: A surplus occurs when demand exceeds supply.
- True
- False
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Think about the balance of supply and demand.
Question 5.
A new technology makes it cheaper to produce smartphones. What are the expected changes in supply and equilibrium price?
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Consider how lower production cost affects sellers.
Question 6.
Analyze how a government tax on sugary drinks might affect the demand and supply within that market.
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Imagine how taxes affect pricing and purchasing behavior.

5 more questions in this section. Enroll free to practise them all.