Understanding Demand and Supply

Quiz
•
Other
•
10th Grade
•
Easy
Firdaus Emambocus
Used 4+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the law of demand.
The law of demand is only relevant in a barter economy, not in a monetary economy.
The law of demand states that there is a direct relationship between price and quantity demanded.
The law of demand states that when price of a commodity rises, there will be a fall in quantity demanded.
The law of demand states that as the price of a good or service increases, the quantity demanded for that good or service increases as well.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of supply?
The law of supply states that as the price of a good or service increases, the quantity supplied by producers also increases, and vice versa.
The law of supply states that an inverse relationship exists between price and quantity supplied.
The law of supply states that the price of a good or service has no impact on the quantity supplied by producers
The law of supply states that as price of a commodity rises, quantity demanded falls.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define market equilibrium.
Market equilibrium is when the price is determined by the government.
Market equilibrium is when the quantity supplied is greater than the quantity demanded.
Market equilibrium is the point where the quantity supplied equals the quantity demanded.
Market equilibrium is when the quantity demanded is greater than the quantity supplied.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain what causes a shift in the demand curve.
Variations in the weather
Fluctuations in the stock market
Changes in tastes and preferences
Changes in government regulations
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Surplus is also defined as excess supply.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a change in consumer income affect the demand curve?
An increase in consumer income leads to a decrease in demand for all goods.
Consumer income has no effect on the demand curve.
An increase in consumer income generally leads to an increase in demand for normal goods and a decrease in demand for inferior goods.
An increase in consumer income leads to a decrease in demand for normal goods and an increase in demand for inferior goods.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Technological advancement is likely to cause a shift in the supply curve.
True
False
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