Demand & Supply Ch 4-5

Quiz
•
Social Studies
•
12th Grade
•
Hard
j kenny
Used 15+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is an example of inelastic demand?
A new car
Insulin
Gasoline
Bananas
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Amount of goods and/or services a consumer is willing & able to buy at various prices during a given time period is called...
Supply
Scarcity
Elasticity of Demand
Demand
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A measure of how suppliers will respond to a change in price is...
Price elasticity
The 'rubber band' effect
Elasticity of supply
Elasticity of demand
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A government payment to support a business or market
Tariff
Subsidy
Laissez faire
Substitutes
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The tendency of suppliers to offer more of a good at a higher price
law of supply
law of shortage
law of scarcity
law of demand
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The law of demand states...
Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded.
A decrease in the price of a good shifts the demand curve leftward.
Other things remaining consistent, the higher the price of a good, the smaller is the quantity demanded.
An increase in the price of a good shifts the demand curve leftward.
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following does NOT shift the supply curve?
A decrease in the wages of labor used in the production of the good
An increase in the price of the good
A technological advance
A fall in the price of a substitute in production
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