FHS Unit 2 Practice Test

If Price is changed on the demand Curve what happens to the Curve?

• The Demand Curve Shifts to the right

• The Price will change and move along the curve 

• The Demand Curve Shifts to the left 

• The Supply Curve will Shift to the right

The Difference between Quantity Supply and Supply is 

• The Price for Quantity Supply will move the price along the Curve. While Supply will Shift left or Right depending on Non Price Determinants.

• It will Create a Price floor. 

• The Price for Quantity Supply The Price for Quantity Supply will move the price along the Curve. while Supply price will move along the curve.

• The Equilibrium will move to 12 dollars.

 an increase in price results in an increase in quantity supplied is which term. Example if price goes up quantity goes up.

• The Law of Demand 

• Shortage 

• The Law of Supply 

• Demand Curve 

Recently the price of a popular perfume has increased by $10. How will the price change likely affect the quantity demanded and supplied?

• Supply will stay the same, and demand will increase.

• Supply will decrease, and demand will increase.

• Supply will increase, and demand will decrease.

• Supply will increase, and demand will stay the same.

Which of the following conditions could explain the shift to the left in the demand curve shown on the graph?

• Farmers harvested a good crop of tomatoes.

• .

  Information comes out that tomatoes could increase the risk of a heart attack

• Surveys found that people are eating more cooked tomatoes.

• Eating cooked tomatoes was found to have more health benefits.

Which of the following is a non-price determinant of demand?

• Subsidy

• Number of Producers 

• Price ceiling

• Income 

Which of the following is a non-price determinant of Supply?

• Tastes and Preferences 

• Price of Substitutes 

• Government Policy in (Subsidy, Taxes, and or Regulations)

• Consumer Expectations 

A __________________________ is a government requirement that restricts a price from going below a certain amount, while ______________________ is a government requirement restricts a price from going above a certain amount.

• shortage, surplus

• price ceiling, price floor

• price floor, price ceiling

• surplus, shortage

Which government sometimes utilizes non-price determinate to decrease demand for a product that is viewed as harmful to society?

• Subsidies

• Rationing

• Excise taxes

• Consumer boycotts

Based on the information in the graph and the table, what is the equilibrium price of pizza? (I'm Sorry for the Quantity and the Supply being Reversed look at the bottom for the Price)

• $2.00

• $4.00

• $3.00

• $5.00