Supply and Demand Quiz

Liam is running a lemonade stand. What determines the prices of the lemonade he sells?

• Supply and demand

• Goods

• Demand

• Supply

During a school bake sale, what exists when the number of cookies baked by Sophia is greater than the number of cookies the students want to buy?

• Mass outrage

• Surplus

• Shortage

• Overflow

Nora is running a lemonade stand. Her market is said to be in equilibrium when:

• Supply is double the demand

• Demand is lower than the supply

• Demand and supply quantities are equal

• Demand is higher than the supply

Olivia and Henry are at a farmers' market where they notice that the price at which fresh produce is bought and sold remains stable over time. This price is called:

• Discount price

• Equilibrium price

• Retail price

• Base price

Kanye West's new shoe, the Yeezy Boost, sold out in stores. This is an example of:

• Supply

• Surplus

• Equilibrium

• Shortage

In a local farmers' market, what happens to the price of apples when there is a surplus of apples?

• Price drops

• Price increases

• Price stays the same

• Price triples

What is the price ceiling?

• The maximum price allowed, set by the government

• The minimum price allowed, set by the government

• An overhead interior surface

• The highest price on the market

Mia is studying economics and learns about goods that are produced and consumed within her own country. What term is defined as: of, relating to, or made in one's own country?

• Tariff

• Service

• Domestic

• Embargo

Anika is studying how countries manage their resources and wealth. She learns that this is defined as: an organized money system.

• Trade

• Tariff

• Service

• Economy

Ava's country has imposed a prohibition or restriction on trade with another nation due to political reasons. What is this action called?

• Tariff

• Quota

• Embargo

• Import