Supply and Demand Review

Supply and Demand Review

8th Grade

33 Qs

quiz-placeholder

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Supply and Demand Review

Supply and Demand Review

Assessment

Quiz

Computers

8th Grade

Hard

Created by

Jeff Langer

Used 26+ times

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33 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following best describes the Law of Demand?

As price goes down, demand goes down. (and vice versa).

Demand does not affect the price.

As demand goes down, supply goes up.

As demand goes up, price becomes elastic.

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

If a consumer knows that a product will be going on sale this, how will his/her CURRENT demand be affected?

It will go up.

It will stay the same

It will go down

None of these are correct

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In a market economy, who decides on the prices of goods and services?

Government

Firms

Buyers and Sellers

Local Leaders

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The price of movie tickets in Hickory has risen from $7.00 to $9.00.  What is the most likely effect of the change in price?

The demand curve for movie tickets will move right

The demand curve for movie tickets will move left

The quantity demanded for movie tickets will increase

The quantity demand for movie tickets will decrease

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A new study has shown that avocados are extremely healthy.  The demand for avocados has increased due to a change in:

market size.

price of a complementary good.

price of a substitute good.

tastes and preferences.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Thousands of people leave a small town due to a factory closing.  Sales at the local grocery store become slow.  What causes this change?

Prices or availability of substitutes

Change in the weather or season

Prices or availability of complementary goods

Population (Change in the number of buyers)

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The want or willingness a consumer has to purchase a good or a service is called:

demand.

shortage.

price.

supply.

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