Supply & Demand Test Review
Authored by Erica Scripture
Social Studies
12th Grade
Used 4+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A shortage occurs when
Quantity Supplied is less than Quantity Demanded
Quantity Supplied is more than Quantity Demanded
Quantity Supplied is the same as Quantity Demanded
Shortage will never happen!
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The image here is an example of a ________, which causes a _________
Price Ceiling: Shortage
Price Ceiling: Surplus
Price Floor: Shortage
Price Floor: Surplus
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The image here is an example of a _________, which causes a________
Price Ceiling: Shortage
Price Ceiling: Surplus
Price Floor: Shortage
Price Floor: Surplus
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the likely result of a successful advertising campaign for an electronic game?
a supply curve that has shifted to the left
a demand curve that has shifted to the left
a supply curve that has shifted to the right
a demand curve that has shifted to the right
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A wildfire has put a major lumber producer out of business. How might an economist show one consequence of this in a graph?
a supply curve that has shifted to the left
a demand curve that has shifted to the right
a demand curve that has shifted to the left
a supply curve that has shifted to the right
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a price floor (minimum that can be charged) is set above equilibrium price, it creates a...
shortage
surplus
market price
demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a price ceiling (maximum that can be charged) that is set below the equilibrium price creates a...
shortage
surplus
market price
supply
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