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Supply and Demand Checkpoint Quiz

Authored by Nikki Newsome

Other

5th Grade

Used 3+ times

Supply and Demand Checkpoint Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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What happens to the price of a toy when more people want to buy it than there are toys available?

The price goes down

The price stays the same

The price goes up

The price changes daily

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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If a farmer grows too many apples and can't sell them all, what is likely to happen to the price of apples?

The price will increase

The price will decrease

The price will stay the same

The price will double

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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What does the term "demand" refer to in the context of supply and demand?

How much of a product is made

How much of a product is destroyed

How much of a product people are willing to buy

How much of a product is lost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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What does "supply" mean in economic terms?

The amount of money in the market

The amount of a product available for sale

The desire to buy products

The number of stores selling a product

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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If the price of video games goes down, what is likely to happen to the demand for video games?

It will decrease

It will stay the same

It will increase

It will first decrease, then increase

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Why might a company decide to lower the price of their product?

To increase the supply of the product

To decrease the demand for the product

To increase the demand for the product

To decrease the supply of the product

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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What is an example of a factor that can cause the demand for a product to change?

A change in the weather

The number of employees in a factory

The price of raw materials

The size of the product

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