SupplyDemandQuiz

SupplyDemandQuiz

8th Grade

17 Qs

quiz-placeholder

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SupplyDemandQuiz

SupplyDemandQuiz

Assessment

Quiz

Social Studies

8th Grade

Practice Problem

Medium

Created by

Steve Schneider

Used 13+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which would an economist consider a likely complement for coffee?

Water

Tea

Donuts

Chicken

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which would an economist consider a likely substitute for coffee?

Water

Milk

Tea

Chicken

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these best describes the influence of high prices on the behavior of producers?

They are an incentive for producers to produce more.

​They are an incentive for producers to buy less. 

​They encourage producers to modify their supply schedules.

They have no significant overall effect on producer behavior

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Changes in quantity demanded and changes in price have a(n) _____ relationship.

Positive

Indirect

Neutral

Inverse

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Diminishing marginal utility results from lessened

Income

Satisfaction

Demand

Elasticity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these do producers of an item hope to achieve when adopting new technologies?

inelasticity of supply of that item

a repeal of subsidies for production of that item

a shift of the supply curve for that item to the right

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these would an item’s producer be most likely to do if total revenue on that item began to drop?

Produce Less of that item

Produce More of that item

Raise the price of that item

Ignore the situation

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