Supply & Demand exam practice

Supply & Demand exam practice

10th - 12th Grade

15 Qs

quiz-placeholder

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Supply & Demand exam practice

Supply & Demand exam practice

Assessment

Quiz

Business

10th - 12th Grade

Hard

Created by

Priscilla Davis

Used 1+ times

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15 questions

Show all answers

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

Media Image

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

Media Image

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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