The 'WACHE HS Economics FINAL' quiz assesses understanding of basic economic principles, focusing on supply and demand, market equilibrium, and the effects of price changes. It evaluates critical thinking and application in real-world scenarios, essential for any economics student.
When oil prices are low
When oil prices are at equilibrium
When oil prices are high
People will not search for substitutes for oil
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$10
$10,00
$15,000
$99,990
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$100m
$150m
$200m
$250m
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The seller of the graphic novel
The other bidders
EBay’s stakeholders
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$30,000
$50,000
$80,000
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The supply of labor increases
The supply of labor decreases
The supply of labor does not change
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Equilibrium
Surplus
Monopoly
Shortage
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Make more cars
Make less cars
Maintain same level of cars
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Increases
Decreases
Stays the same
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Shortage
Surplus
Neither
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Price increases and quantity decreases
Price decreases and quantity increases
Price and quantity both increase
Price and quantity both decrease
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Increased sales prices
Decreased sales prices
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Businesses who hire translators
Other translators
Prospective clients
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Price increases and quantity decreases
Price decreases and quantity increases
Price and quantity both increase
Price and quantity both decrease
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Decrease
Increase
No Change
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The price of laptops increases.
The price of laptops decreases.
An increase in laptop supply will not change its price.
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Price increases and quantity decreases
Price decreases and quantity increases
Price and quantity both increase
Price and quantity both decrease
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Drive up the price
Have no effect
Drive down the price
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Decrease prices
Increase prices
Lower costs to produce goods
Cut staffing costs (fire employees)
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Price increases and quantity decreases
Price decreases and quantity increases
Price and quantity both increase
Price and quantity both decrease
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