
Supply & Demand exam practice
Authored by Priscilla Davis
Business
10th - 12th Grade
Used 1+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is demand?
The products and services consumers are likely to purchase.
The products a costumer would like to buy.
A service a customer would like to purchase.
A system of taxpaying.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In terms of Demand, what happens when the price of the products or services increases?
The demand increases.
The quantity demanded decreases.
The quantity demaded increases.
The demand decreases.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For the law of demand, as price rises, what happens to quantity demanded?
It goes up
It goes down
It stays the same
No change
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following will cause an increase in the quantity demanded of snowboards?
More costly production methods
A decrease in the price of lift tickets at snowboarding resorts
A decrease in consumer income
A decrease in the population
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The movement from Point A to Point B represents a(n)
increase in the price
decrease in the quantity supplied
shift in the supply curve
Both Orange and Blue are correct
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The general term for things that sellers or producers are willing and able to sell (in economic terms) is referred to as _______?
Demand
Supply
Equilibrium
Opportunity Cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The general term for things that buyers are willing and want to buy (in economic terms) is represented as _____?
Demand
Supply
Equilibrium
Opportunity Cost
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