What happens to the price of an item when it is scarce and many people want it?

Exploring the Law of Supply and Demand

Interactive Video
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Social Studies
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6th - 10th Grade
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Medium

Jackson Turner
Used 1+ times
FREE Resource
8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The item becomes unavailable
The price increases
The price remains the same
The price decreases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there is a larger supply of an item than consumer demand, what will happen to its price?
The item will be discontinued
The price will remain constant
The price will fall
The price will increase
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why did the shoe company reduce the price of their new athletic shoe?
To decrease demand
To decrease the supply
To increase demand
To increase the supply
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term used when the demand for an item balances with its supply?
Inflation
Equilibrium
Deflation
Recession
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the market condition called when supply and demand are balanced?
Equilibrium
Shortage
Inflation
Surplus
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does high unemployment affect employers' salary offers?
Employers offer higher salaries
Employers offer lower salaries
Employers stop hiring
Salaries remain unchanged
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must employers do when the supply of available jobs is lower than the demand for employment?
Offer higher salaries
Maintain current salary levels
Offer lower salaries
Reduce job openings
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to employers' salary offers when the job market situation reverses and there are fewer job seekers?
They offer lower salaries
They offer higher salaries
They offer the same salaries
They stop hiring
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