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Supply & Demand Quiz Review

Authored by Caleb Watson

Social Studies

12th Grade

Used 24+ times

Supply & Demand Quiz Review
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When a consumer is able and willing to buy a good or service, he or she creates which of the following?

Consumption

Demand

Supply

Markets

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In a market economy, how is the price level and quantity of goods determined?

Supply & Demand

Government regulations

How much people are willing to pay

The cost of goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The supply curve is upward sloping because....

as price increases suppliers will offer more of a product

producers will supply less of a good as price increases

Price goes down as suppliers produce more

Prices are inversely related to quantity supplied

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Media Image

A movement from point "B" to point "A" represents

A decrease in demand

A decrease in Quantity Demanded

An increase in Quantity Demanded

An increase in demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which is an example of the substitution effect?

Gas is more expensive so I drive less

Doritos and Cheetos increase in price

Orange Fanta is more expensive so I buy orange crush

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The Law of Supply states the as the Price increases, the Quantity supplied:

Increases

Decreases

Stays the same

7.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Which of the following scenarios would cause the equilibrium price of coffee to increase?

There is a surplus of coffee beans

An article comes out saying a cup of coffee a day leads to increased mental cognition

The price of Creamer (a complement) increases

All of the above

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