Supply and Demand!

Supply and Demand!

12th Grade

18 Qs

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Supply and Demand!

Supply and Demand!

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the demand curve shifts to the left, this suggests demand has

increased

decreased

Quantity demanded has increased

Quantity demanded has decreased

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the demand curve has shifted to the right, this suggests demand has

increased

decreased

quantity demanded has increased

quantity demanded has increased

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When price increases, quantity demanded

increases

decreases

supply would decreases, not quantity supplied

supply would increase, not quantity supplied

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Much of the tea in the U.K. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.K.?

Supply would increase

Supply would Decrease

Supply would stay the same

India is not a real country

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region?

Demand would increase

Demand would decrease

Demand would be unchanged

Quantity Demanded would increase

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the difference between an individual and market demand schedule?

Price

Quantity

Supply

Quantity supplied

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the price of Nike brand shoes increases, we will probably go purchase a brand like Adidas or Pumas instead. Which of the following best explains this behavior?

Substitution Effect

Income Effect

Complement Goods

Consumer expectations

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