Supply and Demand

Supply and Demand

8th Grade

•

31 Qs

quiz-placeholder

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Supply and Demand

Supply and Demand

Assessment

Quiz

•

Social Studies

•

8th Grade

•

Medium

Created by

Asher Fryer

Used 5+ times

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31 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the price of a good increases the quantity demanded ____.

a. decreases

b. increases

c. stays the same

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Along a supply curve, if the price of oil falls, what will happen to the quantity of oil supplied?

it will decrease

it will increase

it will not change

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of cars falls, are carmakers likely to make ___________.

more cars

fewer cars

the same amount of cars

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price in a market is above the equilibrium price, this creates ___________.

a shortage (not enough goods to be sold)

a surplus (more than can be sold)

neither a shortage nor a surplus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the price is above the equilibrium price, greed (in other words, self-interest) tends to _________.

push the price down

push the price up

have no effect on price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

demand goes up
demand stays the same
demand goes down
none of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

demand goes up
demand stays the same
demand goes down
none of the above

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