Supply & Demand Test Review
Authored by Elizabeth Aldridge
Social Studies
12th Grade
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27 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
SSEMI 2 a: Which statement describes the law of demand?
As prices rise, quantity demanded decreases.
As prices rise, demand decreases.
As prices fall, quantity demanded decreases.
As prices fall, demand decreases.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
SSEMI2 a: Which explains why a supply line is upward sloping?
the Law of Supply states there is a direct relationship between price and quantity
the Law of Demand states there is an indirect relationship between price and quantity
the Law of Supply compares marginal costs and marginal benefits in a constant rate
the Law of Demand shows a positive relationship between two goods, creating the slope
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
SSEMI 2 c: What occurs to equilibrium price and quantity in a market if demand increases, but supply remains the same?
Price increases, quantity decreases
price decreases, quantity increases
price is unknown, quantity increases
price increases, quantity increases
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
SSEMI2 b: When buyers and sellers interact in a market, what is the result?
Over time, fewer and fewer goods are produced because buyers have all they want.
Usually a market clearing price is determined.
Equilibrium quantities are determined and then prices are set by the government.
Since buyers and sellers are always changing their preferences, markets become unstable and unreliable.
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
SSEMI2 b: Whenever a company develops a new product, an equilibrium price and quantity will eventually be determined by
how much money is available in the economy.
he government in their role as price setter.
the interaction of sellers and producers.
the interaction of buyers and sellers.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
SSEMI2 d: If, in a market, a particular store notices a lot of merchandise piling up on the shelves and in the stock room, how could they encourage existing buyers to buy the goods?
Begin producing different products.
Lower prices as an incentive to purchase more.
Produce less to promote scarcity.
Raise prices to make the goods appear higher in quality.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
SSEMI 2 c: Which describes what has happened in the graph above?
The increase in supply has caused an increase in equilibrium quantity.
An increase in demand has caused a decrease in equilibrium price.
Supply has decreased, causing an increase in equilibrium price.
Demand has increased, causing an increase in equilibrium quantity.
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