Supply & Demand Unit Exam

Supply & Demand Unit Exam

12th Grade

17 Qs

quiz-placeholder

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Supply & Demand Unit Exam

Supply & Demand Unit Exam

Assessment

Quiz

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12th Grade

Practice Problem

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Created by

Elizabeth Whittinghill

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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a demand curve, how do price and quantity demanded interact?

a. They move in opposite directions

b. They move in the same direction

c. They are independent of each other

d. They are irrelevant

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the price of a product decreases, there is

a. a shift in supply.

b. only an increase in quantity demanded.

c. a change in consumer preferences.

d. no effect on quantity demanded.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Law of Supply state?

a. When demand increases, supply decreases.

b. Supply shifts to the left due to technology.

c. When price decreases, quantity supplied decreases.

d. When price increases, quantity supplied increases.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Which of the following is one explanation for why the Law of Demand occurs?

a. When prices increase, people have an increased income.
b. When the price of a good increases, people tend to buy substitutes instead.
c. People prefer normal goods during a recession.
d. Suppliers are always trying to take advantage of consumers.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following pairs of products are considered substitutes in economics?

a. Tea & Coffee

b. Bread & Butter

c. Shoes & Socks

d. Pens & Notebooks

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which condition indicates that a market is in equilibrium?

a. The quantity demanded exceeds the quantity supplied.

b. The quantity supplied exceeds the quantity demanded.

c. The quantity demanded equals the quantity supplied.

d. There is no demand or supply in the market.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following pairs of goods are often used together?

a. Peanut Butter & Jelly

b. Coffee & Tea

c. Socks & Sandals

d. Plates & Napkins

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