Economics and Personal Finance Quiz

What is the term for the price at which the quantity demanded equals the quantity supplied?

• Price ceiling

• Surplus

• Shortage

• Equilibrium price

What are the factors that determine demand?

• Supply, demand shifters, price

• Demand shifters, price, supply

• Demand shifters, price, equilibrium price

• Supply, price, equilibrium price

What is the term for goods that can be used as alternatives to each other?

• Complementary goods

• Substitute goods

• Elastic goods

• Price elasticity

What usually results when price ceilings are established?

• Surpluses

• Shortages

• Decreased demand

• Increased supply

Why do skilled workers usually make more than unskilled?

• Skilled workers have higher demand

• Unskilled workers have higher demand

• Skilled workers have lower supply

• Unskilled workers have lower supply

What is The Law of Demand?

• The Law of Demand is an economic principle that states that the quantity of a good or service demanded varies directly with its price.
• The Law of Demand is an economic principle that states that the quantity of a good or service demanded is not affected by its price.
• The Law of Demand is an economic principle that states that the quantity of a good or service demanded varies randomly with its price.
• The Law of Demand is an economic principle that states that the quantity of a good or service demanded varies inversely with its price.

What are Factors that determine demand?

• Age, gender, education, occupation
• Weather, time, location, technology
• Price, income, consumer preferences, population, advertising, and availability of substitutes.
• Supply, cost, production, government regulations

What are Surpluses?

• Surpluses are shortages of goods or resources.
• Surpluses are unnecessary amounts of goods or resources.
• Surpluses are equal amounts of goods or resources.
• Surpluses are excess amounts of goods or resources.

What are Shortages?

• Shortages are an excess supply of a particular item or resource.
• Shortages are a surplus of a particular item or resource.
• Shortages are an abundant supply of a particular item or resource.
• Shortages are an insufficient supply of a particular item or resource.

What is Price?

• Price is a measure of the physical size or dimensions of a product or service.
• Price is the number of units of a product or service that are available for purchase.
• Price is the process of determining the quality or value of a product or service.
• Price refers to the amount of money or value that is assigned to a product or service.