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POST TEST

The document is an economics formative post-test consisting of multiple-choice questions covering key concepts such as the law of demand, microeconomics, supply and demand interactions, market equilibrium, and the relationship between price and quantity demanded. Each question requires students to select the best answer from given options. The test assesses understanding of fundamental economic principles.

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Ian Orino
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7 views

POST TEST

The document is an economics formative post-test consisting of multiple-choice questions covering key concepts such as the law of demand, microeconomics, supply and demand interactions, market equilibrium, and the relationship between price and quantity demanded. Each question requires students to select the best answer from given options. The test assesses understanding of fundamental economic principles.

Uploaded by

Ian Orino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ECONOMICS FORMATIVE POST-TEST

Name: _______________________ ______4. According to the law of demand,


Grade & Section: ____________ what happens when prices go down?
Date: _______________________
A. People buy less
Directions: Read each question carefully. B. Demand increases
Choose the letter of the best answer and C. Supply increases
write it on the blank provided. D. Prices go up again

______1. What is economics mainly the ______5. Which of the following shows an
study of? interaction between supply and demand?

A. How to get rich A. People study for exams


B. How people make choices using limited B. A seller raises the price of milk because
resources more people want it
C. How to sell products on social media C. A storm causes school to close
D. How to solve math problems D. A student draws a graph in class

______2. Which of the following best ______6. What is it called when there is too
describes microeconomics? much of a product in the market?

A. It studies how the entire world’s A. Demand


economy works. B. Equilibrium
B. It focuses on how governments manage C. Shortage
inflation. D. Surplus
C. It looks at how households and small
businesses make decisions.
D. It studies natural disasters and their ______7. What is the market equilibrium?
effects.
A. The price when demand is more than
supply
______3. What happens to supply when the B. When supply and demand are balanced
price of a product increases? C. The lowest price possible
D. The most expensive product on the
A. It decreases market
B. It stays the same
C. It also increases
D. It disappears
______8. On a demand curve, what is the _____10. Look at the second graph
usual direction of the line? (Demand Curve). What does this graph tell
us about the relationship between price and
A. Goes up from left to right quantity demanded?
B. Forms a circle
C. Goes down from left to right A. The higher the price, the higher the
D. Stays flat quantity demanded.
B. The lower the price, the lower the
quantity demanded.
______9. Look at the first graph (Supply C. The price has no effect on demand.
Curve). What does this graph show about D. As the price goes down, the quantity
the relationship between price and quantity demanded goes up.
supplied?

A. As the price increases, the quantity


supplied also increases.
B. As the price increases, the quantity
supplied decreases.
C. The price and quantity supplied stay the
same.
D. The supply is not affected by price.

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