Economics Quiz

Summer is upon us, and people begin purchasing bathing suits in large numbers. What causes this change?

• Change in income
• Prices or availability of substitutes
• Change in the weather or season
• Change in the number of buyers

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Change in the number of buyers

iTunes increases the price of all of its digital downloadable music to $6 per song. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Change in the number of buyers

If bad weather destroys much of the wheat crop, then

• the price effect will cause growers to sell less wheat at lower prices.
• growers will offer less wheat at each and every price.
• no wheat products will be produced that year.
• none of the above.

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

a person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

An individual or group who purchases goods.

• producer
• consumer
• goods
• services

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium