
Economics - Test 3 - Supply and Demand
Authored by Neal McCarty
Social Studies
12th Grade

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56 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do sellers do if they expect the price of their goods to increase dramatically in the near future?
sell the goods now but try to get the higher price for them
store the goods indefinitely regardless of when the price rises
store the goods until the price rises
sell the goods now and try to invest the money instead of resupplying
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price of Apple products continues to rise. According to the law of supply, Apple will respond to this price increase by
decreasing production.
keeping production steady.
increasing production.
halting production.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If prices rise and income stays the same, what is the effect on demand?
More goods are bought.
Demand stays the same.
Fewer goods are bought.
More is bought of some goods and less of others.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Businesses multiply the price they charge for a good by the quantity sold to calculate
elastic demand.
market demand.
profit shares.
total revenue.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Both individual and market supply schedules show possible combinations of
goods and services.
profits and income.
volume and output.
price and quantity supplied.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would best be considered a compliment to coffee?
donuts
tea
chicken
water
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main factor that drives decisions about production is the
government regulations and rules.
desire to maximize profits.
public need for better goods.
availability of natural resources.
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