Fall 2025 Unit 4 Test Review

Front

The direction of a typical supply curve is ___________

Back

Upward

Front

The slope of a typical demand curve is ____________

Back

Negative

Front

A restaurant prepared 150 servings of steak for a banquet. On the day of the event, only two-thirds of the expected guests arrived. Will the restaurant have a shortage or surplus of steak?

Back

Surplus because the restaurant made steak for more people than actually attended.

Front

A toy store ordered the same number of game consoles in November as it did in previous months. This year, a popular magazine featured the game console as the top holiday gift. What is the store most likely to experience regarding its stock of game consoles?

Back

Shortage because the magazine feature will increase demand, especially during the holiday season.

Front

Which of the following best describes the law of demand? A. As price increases, demand increases B. As price decreases, demand increases C. As price decreases, demand decreases D. As price increases, demand remains unchanged

Back

As price decreases, demand increases

Front

If Product X and Product Y are complementary goods, what will happen to the demand for Product X if the price of Product Y increases?

Back

The demand for Product X will decrease.

Front

Which of the following pairs are also considered complementary goods? A. Coffee, tea B. Printers, ink cartridges C. Apples, oranges D. Bread, cereal

Back

Printers, ink cartridges

Front

Which of the following pairs are considered substitute products? A. Coffee and Tea, B. Bread and Butter, C. Printer and Ink, D. Toothbrush and Toothpaste

Back

Coffee and Tea

Front

A bakery usually sells their loaves of bread for $2.00 each. After a holiday, they had many loaves left, so they decided to sell them for $0.75 each. Which of the following is most likely true?

Back

The bakery had a surplus but will end up with a shortage.

Front

If Maria earns $200 a week and the cost of living increases while her income remains unchanged, what is likely to happen to Maria’s purchasing power?

Back

Maria’s purchasing power will decrease.