Supply & Demand Practice Test (Module 2)

Quiz
•
Other
•
11th Grade
•
Easy
Monica Ortegon Venegas
Used 7+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantity demanded of a good is the amount that buyers...
Are willing to purchase
Are willing and able to purchase
Are willing and able and need to purchase
Are able to purchase
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
“Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.” This relationship between price and quantity demanded...
Applies to most goods in the economy
Is represented by a downward-sloping demand curve
Is referred to as the law of demand
All of the above are correct
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of demand states that, other things equal...
When the price of a good falls, the demand for the good rises
When the price of a good rises, the quantity demanded of the good rises
When the price of a good rises, the demand for the good falls
When the price of a good falls, the quantity demanded of the good rises
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A downward-sloping demand curve illustrates...
That demand decreases over time
That prices fall over time
The relationship between income and quantity demanded
The law of demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following demonstrates the law of demand?
After Jon got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise
Melissa buys fewer muffins at $0.75 per muffin than at $1 per muffin, other things equal
Dave buys more donuts at $0.25 per donut than at $0.50 per donut, other things equal
Kendra buys fewer Snickers at $0.60 per Snickers since the price of Milky Ways fell to $0.50 per Milky Way
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantity supplied of a good is the amount that...
Buyers are willing and able to purchase
Sellers are able to produce
Buyers and sellers agree will be brought to market
Sellers are willing and able to sell
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a good is low...
Firms would increase profit by increasing output
The quantity supplied of the good could be zero
The supply curve for the good will shift to the left
Firms can and should raise the price of the product
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