Supply and Demand Quiz

Fill in the blank: The _______________ price is the price where supply and demand is balanced.

• surplus

• shortage

• market

• equilibirum

Fill in the blank: A trade-off is where you _____________ one option or thing for another.

• give up
• sell
• get both
• find

Fill in the blank: A(n) _______________system is a nation's way of producing for wants and needs.

• party
• charity
• economic
• production

Which of these are kinds of resources discussed in this Chapter?

• free

• capital

• false

• natural

Which of these can increase demand from consumers?

• if there are more consumers
• if there are less consumers
• if the income of consumers rises
• if consumer preferences change

Which of these are costs that where explained in lesson 2?

• expensive
• natural
• fixed
• variable

What happens is producers charge too much for a product?

• They will have shortage

• They will sell all of their products

• They will make more of the product

• They will have surplus

How do changing consumer preferences change demand?

• If consumers find out a product is harmful, demand goes up

• If consumers find out a product is harmful, demand goes down

• If consumers find a better product, demand stays the same

• No factors affect consumer demand

How change prices be used as signals?

• All of the Above

• They let consumers know that producers aren't willing to produce at a low price

• They let producers know that their price is too low

• They let consumers know that a producer wants to get rid of older stock

• They let producers know if their price is too high

Which of these are the basic questions people and societies must answer about production?

• When to produce, who to produce it, and why to produce things
• Who to produce, why to produce, and when to produce
• What to produce, how to produce it, and who to produce things for
• What to produce, who to produce it, and when to produce things