Understanding Demand and Supply

Understanding Demand and Supply

Assessment

Passage

English

6th Grade

Hard

Created by

Mai Ibrahim

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economic system do countries like Japan and the United States have?

Communist system

Controlled economy

Socialist system

Free enterprise system

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who owns most businesses in a free enterprise system?

Non-profit organizations

Foreign companies

Individuals and groups

The government

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines the price of products in a free enterprise system?

The government

The market

The consumers

The producers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand state?

Consumers buy more at lower prices

Consumers buy less at lower prices

Consumers buy the same amount regardless of price

Consumers buy more at higher prices

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of supply?

Producers supply less at higher prices

Producers supply the same amount regardless of price

Producers supply more at lower prices

Producers supply more at higher prices

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is market equilibrium?

The point where supply exceeds demand

The point where demand exceeds supply

The point where prices are highest

The point where supply and demand meet

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when there is a surplus of a product?

Prices decrease

Prices increase

Supply decreases

Demand increases

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