Supply & Demand Quiz

Passage
•
Social Studies
•
5th Grade
•
Medium
Laura Burnett
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "demand" refer to in economics?
The amount of a good or service a seller offers at a particular price.
The ability and willingness to pay for a particular item or service.
The total number of goods available in the market.
The price at which an item is sold.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is "supply" in the context of a market?
The total money spent by consumers.
The demand for goods by the consumers.
The amount of a good or service a seller offers for a particular price at a specific time.
The number of stores available in a market.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do supply and demand together affect a market economy?
They determine the number of manufacturers.
They influence what products are available in stores.
They ensure that businesses sell what buyers want and that buyers are willing to spend money.
They control the import and export of goods.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'demand' refer to in the context of economics?
The desire to own something and the ability to pay for it
The amount of a product that is available for sale
The cost of manufacturing a product
The number of stores selling a product
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'supply' mean in economic terms?
The desire to buy products
The amount of a product that is available for sale
The money needed to buy a product
The number of consumers wanting a product
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important for store owners to understand demand?
To decide how much to charge for products
To know how much of a product to stock
To choose the store location
To determine employee salaries
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of a manufacturer in the supply chain?
To sell products directly to consumers
To buy products from the store
To create or produce the products
To set the prices of products in stores
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