Supply and Demand Quiz

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

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 starting a business and needs to bring in a product from another country to sell locally. What is this process called?

• Exports

• Imports

• Goods

• Services

Luna started a small business where she makes handmade candles and sells them online. These candles are examples of:

• Services

• Exports

• Goods

• Imports

Elijah is studying international trade and learns about the goods and services produced in one country and purchased by residents of another country.

• Embargo

• Economy

• Export

• Import

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

• Supply

• Surplus

• Equilibrium

• Shortage

Aria and Evelyn are setting up a lemonade stand in their neighborhood. They are involved in the act, process, or business of buying, selling, or exchanging goods and services. What is this activity called?

• Tariff

• Trade

• Quota

• Embargo

Avery is studying international trade and learns about a tax on goods coming into or leaving a country. What is this tax called?

• Quota

• Good

• Embargo

• Tariff

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

In a local farmers' market, who determines the SUPPLY of fresh produce?

• buyers

• sellers

• consumers

• us