Supply and Demand

Supply and Demand

12th Grade

8 Qs

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Supply and Demand

Supply and Demand

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Christopher Dutcher

Used 4+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the demand for an item goes up which of the following could be a factor

Price of Resources

Number of Sellers

Expectations

Government Involvement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A surplus is when:

There is more demand than supply

There is an equal amount of supply and demand

The demand of a good increases as you get less income

There is more supply than demand.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As supply increases, what happens to the quantity of an item?

It increases

It decreases

It neither increases nor decreases

It plumets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As demand increases, what happens to the price of a good?

It increases

It decreases

It neither increases nor decreases

It varies

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not a shifter of demand

Number of Buyers

Price of Related Goods

Preferences

Number of Sellers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between Normal Goods and Inferior Goods

Normal goods have adequate quality where as inferior goods have bad quality

Normal goods are purchased more as income increases. Inferior goods are purchases more as income decreases.

Normal goods are when demand increases faster than demand. Inferior goods are the opposite.

Inferior goods are worse than Normal goods.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tony starts to sell hotdogs. In his first month, he has a supply of 200 hotdogs but only sells 150. What is the result of this first month?

A shortage of 50 hotdogs

A surplus of 50 hotdogs

A surplus of $50

A shortage of $50.

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