Supply and Demand Quiz

Supply and Demand Quiz

8th Grade

20 Qs

quiz-placeholder

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Supply and Demand Quiz

Supply and Demand Quiz

Assessment

Quiz

History

8th Grade

Practice Problem

Medium

Created by

J M

Used 17+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

In our economy, people trade ____ and ____ for money.

Goods, Services

Supply, Demand

Cost, Price

2.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

____ is how much of a product or service is available for people to purchase.

Demand

Supply

Purchase

3.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

____ is how much of a product or service that people are willing to buy.

Demand

Inverse

Supply

4.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

When supplies are low (a shortage), the price goes ____.

(Think of the toilet paper problem in 2020).

Down

Up

Stays the Same

5.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

When supplies are up and there is a surplus, the price goes ____

Down

Up

Stays the Same

6.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

The Amount of Goods Made Available by Producers.

Demand

Supply

7.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Thousands of chickens die of a flu, and supplies of eggs become scarce. There is a SHORTAGE.

What will happen to the price?

The price will go up, because demand is high and supply is low.

The price will go down, because the demand is low and supply is high.

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