Supply and Demand Quiz

What is economics?

• The study of how goods and services are produced.

• The study of how goods and services are distributed.

• The study of how goods and services are consumed.

• All answers are correct.

Economics are broken into which two different studies?

• Microeconomics and Macroeconomics

• Minieconomics and Maxeconomics

• Big Econ and Small Econ

• All Answers are Correct

What is Microeconomics?

• The study of the behavior of individuals in an economic environment.

• The study of economies as a whole.

• The study of broader issues and interactions.

• All answers are correct.

What is Macroeconomics?

• The study of the behavior of individuals in an economic environment.

• The study of economies as a whole to determine broader issues and interactions.

• The study of market failures.

• All answers are correct.

Which is the total amount that producers are willing to sell at a specific price?

• Quantity Supplied

• Quantity Demanded

• Supply

• Demand

Which is the total amount that consumers are willing to buy at a specific price?

• Quantity Supplied

• Quantity Demanded

• Supply

• Demand

Which is the representation of quantity supplied at all prices?

• Quantity Supplied

• Quantity Demanded

• Supply

• Demand

Which is the representation of quantity demanded at all prices?

• Quantity Supplied

• Quantity Demanded

• Supply

• Demand

The difference between Supply and Quantity Supplied is that Supply is a line and Quantity Supplied is a point.

• True

• False

The difference between Demand and Quantity Demanded is that Demand is at all prices and Quantity Demanded is a a single price.

• True

• False