Nat 5 Economics Supply, Demand and Equilibrium

Nat 5 Economics Supply, Demand and Equilibrium

9th Grade

10 Qs

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Nat 5 Economics Supply, Demand and Equilibrium

Nat 5 Economics Supply, Demand and Equilibrium

Assessment

Quiz

Other

9th Grade

Hard

Created by

Rachel McAuley

Used 6+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to the law of demand, a decrease in price WILL

Shifts the demand curve to the right

Shifts the demand curve to the left

Results in a contraction of demand (movement along the demand curve to the left)

Results in an extension of demand (movement along the demand curve to the right)

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following WILL NOT cause a shift in the demand curve to the right?

An increase in the price of apples, a substitute for oranges

A new study showing orange juice is good for your kidneys

A new technology for orange picking making harvesting oranges cheaper

Consumers expect high prices for oranges later in the month due to hurricanes destroying crops

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An increase in the price of pencil lead, an input for No.2 pencils, will;

cause the demand curve for No. 2 pencils to shift to the right

cause the supply curve for No. 2 pencils to shift to the left

cause the demand curve for ballpoint pens , a substitute for pencils to shift to the left

cause the supply curve for No. 2 pencils to shift to the right

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An increase in the price of roses will;

result in a shift to the right of the supply curve

result in an increase in the quantity demanded of roses

result in a decrease in the quantity demanded of roses

result in a shift to the left of the demand curve

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An increase in the price of oat milk, a substitute for almond milk, will:

decrease the quantity supplied of almond milk

increase the quantity demanded of oat milk

shift the demand curve for oat milk to the right

shift the demand curve for almond milk to the right

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to the law of supply, sellers will be more likely to increase their quantity supplied when

they can sell their goods cheaply

when the selling price increases

when they are the only supplier of a good

when there are lots of suppliers in the market

Answer explanation

More suppliers is likely to result in lower prices. If the seller is the only supplier they are a monopoly and will most likely restrict output to maintain higher prices.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What happens to the market for cheese when the price of milk decreases?

the price of cheese decreases and the equilibrium quantity stays the same

the price of cheese decreases and the quantity of cheese at equilibrium increases, since milk is an ingredient in cheese.

the price of cheese is unrelated to the price of milk

the price of cheese increases

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