Supply and Demand

Supply and Demand

10th Grade

12 Qs

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Supply and Demand

Supply and Demand

Assessment

Quiz

Business

10th Grade

Practice Problem

Medium

DOK Level 1: Recall

Standards-aligned

Created by

JESSE MCCANN

Used 1+ times

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12 questions

Show all answers

1.

DRAG AND DROP QUESTION

30 sec • 1 pt

In a market economy, prices are determined by (a)  

By government regulations

Through supply and demand

By random selection

Through barter system

Answer explanation

In a market economy, prices are primarily determined by supply and demand. This interaction between buyers and sellers influences how much goods and services cost, making it the correct choice.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The relationship between supply and demand affects pricing in economics. Which of the following best describes this relationship?

When demand increases and supply remains unchanged, a shortage occurs, leading to higher prices.

When supply increases and demand remains unchanged, a surplus occurs, leading to higher prices.

When both supply and demand decrease, prices remain unchanged.

Supply and demand have no effect on pricing.

Answer explanation

When demand increases and supply remains unchanged, the quantity demanded exceeds the quantity supplied, creating a shortage. This imbalance drives prices up, making the first choice the correct description of the relationship.

3.

MATCH QUESTION

30 sec • 1 pt

Match the following descriptions with the correct category: wants or needs.

Items that are not required for living or comfort.

Needs are essential for survival, wants are not.

Both food and luxury items are crucial for living.

Wants and needs are both essential for survival.

Basic necessities like food and shelter.

Wants are essential for survival, needs are not.

Luxury items like a sports car or designer clothes.

Neither wants nor needs are essential for survival.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity can lead to higher prices because:

It increases demand while supply remains limited.

It decreases demand while supply increases.

It balances demand and supply.

It has no effect on demand and supply.

Answer explanation

Scarcity leads to higher prices because when resources are limited, demand often remains high or increases, causing prices to rise as consumers compete for the limited supply.

5.

MATCH QUESTION

30 sec • 1 pt

Match the following scenarios with their examples of inflation's impact.

Rising costs of food items in the market

Stable prices of housing for a decade

Consistent housing market without price changes

A sudden drop in fuel prices due to market changes

Technological advancements make gadgets cheaper

A decrease in the price of electronics over time

Oil market fluctuations lead to cheaper fuel

An increase in the price of groceries over a year

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost and how does it impact financial decisions? Provide an example.

Opportunity cost is the potential gain from other alternatives when one alternative is chosen. It impacts financial decisions by highlighting the benefits of the next best option.

Opportunity cost is the amount of money spent on a particular choice. It impacts financial decisions by increasing the total expenditure.

Opportunity cost is the time taken to make a decision. It impacts financial decisions by delaying the process.

Opportunity cost is the risk associated with a financial decision. It impacts financial decisions by increasing uncertainty.

Answer explanation

Opportunity cost refers to the potential gain from the next best alternative when a choice is made. It influences financial decisions by making individuals consider what they are giving up, thus guiding them towards more informed choices.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the characteristics of capitalism and how it differs from socialism?

Capitalism is characterized by private ownership and free markets, while socialism emphasizes public ownership and planned economy.

Capitalism focuses on public ownership and planned economy, whereas socialism is based on private ownership and free markets.

Both capitalism and socialism prioritize public ownership and planned economy.

Capitalism and socialism are both characterized by private ownership and free markets.

Answer explanation

The correct choice highlights that capitalism is defined by private ownership and free markets, contrasting with socialism, which focuses on public ownership and a planned economy. This distinction is fundamental to understanding both systems.

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