Economics Quiz

What usually happens if the price of a product is too low?

• Stores have too much of it

• No one wants to buy it

• There’s not enough for everyone who wants it

• It becomes more expensive

If the price of hamburgers goes up, what is likely to happen to the demand for hot dogs (a similar product)?

• Demand for hot dogs goes down

• Demand for hot dogs goes up

• Supply of hot dogs goes down

• Nothing changes

What happens when more people want to buy a video game, but the number of games in stock stays the same?

• The price will go down

• The price will go up

• The supply increases

• The demand goes down

Which of these would make the demand for ice cream go up?

• A cold winter

• An increase in the price of cones

• A hot summer day

• Ice cream becomes harder to find

If a new machine helps farmers produce more corn, what will likely happen to the supply of corn?

• It will decrease

• It will stay the same

• It will increase

• It will disappear

What does "supply" mean in economics?

• How much people want to buy something

• The price of a product

• How much of something is available to sell

• The money people have

If the price of apples goes down, what usually happens to the quantity people buy?

• People buy more apples

• People buy fewer apples

• Apple supply increases

• Apple trees stop growing