English Vocabulary for Supply and Demand
Authored by Masyhur Masyhur
English
University
CCSS covered
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of supply?
The quantity of a good or service that producers are willing and able to sell at a given price
The quantity of a good or service that consumers are willing and able to buy at a given price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers
The price at which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers
Tags
CCSS.RI.3.10
CCSS.RI.4.10
CCSS.RI.5.10
CCSS.RI.6.4
CCSS.RI.7.4
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of demand?
The quantity of a good or service that producers are willing and able to sell at a given price
The quantity of a good or service that consumers are willing and able to buy at a given price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers
The price at which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers
Tags
CCSS.RI.3.10
CCSS.RI.4.10
CCSS.RI.5.10
CCSS.RI.6.4
CCSS.RI.7.4
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price and quantity when demand increases and supply decreases?
Equilibrium price increases and equilibrium quantity decreases
Equilibrium price decreases and equilibrium quantity increases
Equilibrium price increases and equilibrium quantity increases
Equilibrium price decreases and equilibrium quantity decreases
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price and quantity when demand decreases and supply increases?
Equilibrium price increases and equilibrium quantity decreases
Equilibrium price decreases and equilibrium quantity increases
Equilibrium price increases and equilibrium quantity increases
Equilibrium price decreases and equilibrium quantity decreases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a surplus?
A situation in which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers
A situation in which the quantity of a good or service supplied by producers exceeds the quantity demanded by consumers
A situation in which the quantity of a good or service demanded by consumers equals the quantity supplied by producers
A situation in which the quantity of a good or service demanded by consumers is equal to zero
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a shortage?
A situation in which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers
A situation in which the quantity of a good or service supplied by producers exceeds the quantity demanded by consumers
A situation in which the quantity of a good or service demanded by consumers equals the quantity supplied by producers
A situation in which the quantity of a good or service demanded by consumers is equal to zero
Tags
CCSS.L.2.4E
CCSS.L.3.4D
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is elasticity of demand?
A measure of how much the quantity demanded of a good or service responds to a change in price
A measure of how much the quantity supplied of a good or service responds to a change in price
A measure of how much the quantity demanded of a good or service responds to a change in income
A measure of how much the quantity supplied of a good or service responds to a change in income
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