Supply and Demand Test

Supply and Demand Test

12th Grade

•

41 Qs

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Supply and Demand Test

Supply and Demand Test

Assessment

Quiz

•

History

•

12th Grade

•

Practice Problem

•

Hard

Created by

Michael Kiess

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41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve represents the purchasing behavior of

consumers

producers

consumers and producers

laborers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following summarizes the law of demand?

When the price of a product is higher, more consumers will purchase the product.

Inflation causes higher prices.

When the price of a product is lower, consumers will purchase more of that product.

Investors only care about profit.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of gas goes up, there will be

a decrease in demand for gas.

an increase in demand for gas.

a change to the supply curve for gas.

no change to the demand curve for gas.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following will result in an increase in demand due to consumer expectations?

Consumers think it will be a cold winter, so they buy more blankets.

Producers think it will be a warm summer, so they produce more swimsuits.

Consumers suddenly love neon, so they buy more neon shoes.

Consumers income rises so people buy fewer inferior goods.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of peanut butter decreases, then what will happen to the demand for jelly?

There will be a decrease in demand for jelly.

There will be an increase in demand for jelly.

There will be an increase in demand for peanut butter.

There will be no change to the demand curve for jelly.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What two effects help explain the downward sloping shape of the demand curve?

Substitute and Complement Effects

Normal and Inferior Effects

Supply and Demand Effects

Substitute and Income Effects

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following scenarios would NOT shift the demand curve for picture frames?

A decrease in the price of picture frames.

A change in the price of printing photos.

A celebrity promotes the wonders of picture frames.

An increase in income for most picture frame purchasers.

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