Supply & Demand

Supply & Demand

8th Grade

10 Qs

quiz-placeholder

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Supply & Demand

Supply & Demand

Assessment

Quiz

History, Social Studies

8th Grade

Practice Problem

Hard

Created by

Nathan Gildart

Used 86+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What might happen if the demand for a new type of sneaker began rising quickly?

The manufacturer would begin making fewer sneakers

The sneaker company would raise the price of the sneakers

People would refuse to pay more money for the sneakers

The sneaker company would lower the price of the sneakers

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

According to the laws of supply and demand, when will companies produce more of a product?

When the price people will pay for it goes down

When demand decreases

When they can sell it for a higher price

When the economy turns downward

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of these is neither a good nor a service?

A gallon of gasoline

A piano lesson

A meal at a restaurant

A $20 bill

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The equilibrium point is at the confluence of the supply and demand curves. What does "confluence" mean?

Topmost point

Intersection

Midpoint

Lowest point

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Challenge: Who would set the equilibrium point for the price of a new type of sneaker?

The manufacturer

The consumer

Either A or B - it depends on the cost to produce the sneaker

Neither A nor B - the equilibrium point is set by market forces

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why do prices go down when consumers start saving their money?

Consumers become less willing to spend money on goods and services

Manufacturers start producing fewer products

Demand for currency goes up as people begin saving

Demand for goods begins to outpace supply

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is likely to happen if the price of a new pair of sneakers went up?

Demand for the sneakers would increase

Demand for the sneakers would decrease

Merchants would begin offering sales on the sneakers

It would be impossible to find a pair in stores

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