Supply and Demand

Supply and Demand

7th - 12th Grade

8 Qs

quiz-placeholder

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Supply and Demand

Supply and Demand

Assessment

Quiz

Social Studies

7th - 12th Grade

Practice Problem

Medium

Created by

Jacob Kabat

Used 6+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of demand?

Wanting an Xbox

Having money saved to buy a car

Having the desire and money to buy a snowboard (after my next paycheck)

Wanting to get a new phone

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is quantity demanded different from demand?

Demand is wanting something, Quantity Demanded is how much you want.

They are the same thing.

Quantity demanded only applies in some situations.

Quantity demanded is how much demand there is at a specific price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is supply?

The desire and ability to produce and distribute a good at a specific time.

How much there is of a particular good.

Being able to make something.

The desire and ability to purchase goods at a specific time.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What impact would a drought have on the market for corn?

Supply would increase

Supply would decrease

Demand would increase

Demand would decrease

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What impact would an increase in students working from home have on the market for chromebooks?

Supply would increase

Supply would decrease

Demand would increase

Demand would decrease

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What would be the impact of a new grocery store opening up in town?

Supply would increase

Supply would decrease

Demand would increase

Demand would decrease

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is it called when the supply of a good is high and the demand for that good is low?

Shortage

Surplus

Equilibrium

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