
Supply and Demand Quiz
Authored by Ryan Wolf
Other
12th Grade
Used 15+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What does the Law of Demand state?
As the price of a good increases, the quantity demanded increases.
As the price of a good decreases, the quantity demanded remains unchanged.
As the price of a good increases, the quantity demanded decreases.
As the price of a good decreases, the supply of the good increases.
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a determinant of supply?
Consumer preferences
Input prices
Income of buyers
Price of related goods
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What causes a movement along the supply curve?
A change in technology
A change in the price of the product
A change in input prices
A change in government policy
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What does a rightward shift in the Aggregate Demand curve indicate?
Decrease in overall demand
Increase in overall demand
Decrease in overall supply
Increase in overall supply
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is a factor that shifts Aggregate Demand?
Changes in consumer confidence
Changes in the price of the product
Changes in the technology used in production
Changes in the price of inputs
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is Income Elasticity of Demand?
The responsiveness of demand to a change in the price of another good
The responsiveness of demand to a change in consumers' income
The responsiveness of supply to a change in the price of the product
The responsiveness of supply to a change in technology
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What happens at the Equilibrium Price and Quantity in a market?
Demand exceeds supply
Supply exceeds demand
Quantity demanded equals quantity supplied
There is no demand or supply
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