Combining Supply and Demand - Review

Combining Supply and Demand - Review

12th Grade

30 Qs

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Combining Supply and Demand - Review

Combining Supply and Demand - Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

CCSS
HSF-IF.C.7A

Standards-aligned

Created by

David Carpanzano

Used 8+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which statement expresses a central idea of how the laws of supply and demand work?

The government sets the prices for goods and services.
Prices are determined by the interaction of producers and consumers.
Consumers alone determine the prices for goods and services.
Technology dictates the prices charged for goods and services.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A Fan goes to the ticket booth to buy tickets for a Yankees game. He is told that the game is sold out and no tickets are available.

Which best explains why there are no basketball tickets available?

The arena forgot to print enough tickets.

The supply of tickets was greater than the demand.

The arena charged too much money for each ticket.

The demand for tickets was greater than the supply.

3.

MULTIPLE CHOICE QUESTION

45 sec • 12 pts

Which situation is most likely to lead to the lowest prices?

There is only one producer making the good.
Businesses secretly agree to share their profits.
Competition between businesses is prohibited.
Several producers compete to sell goods to the public.

4.

MULTIPLE CHOICE QUESTION

45 sec • 12 pts

When companies compete in a market economy, what is usually the result?

Consumers are able to buy goods for the best available price.
People pay much higher prices for goods.
There are frequent shortages of goods on the market.
Producers refuse to sell some of their products.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?

People will refuse to buy these sneakers.
The price for the sneakers will not change.
The price will fall as people learn Lebron James wears them.
The price of the sneakers will rise as more people want similar sneakers.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How does competition affect producers in a market economy? 

They generally agree to share resources equally.
They improve the quality of their goods to attract buyers.
They look to the government to assign resources.
They ration their goods equally among consumers.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This part of the market determines DEMAND

buyers
sellers
suppliers
store owners

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