NEW
Font size
S
M
L
XL
WorksheetsCH. 2 Econ
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
A chart that lists the quantity of a good that one person will buy at each price.
a)
Demand
b)
Market Demand Schedule
c)
Individual Demand Schedule
d)
Supply
2.
A chart that lists the quantity of a good that all consumers will buy at each price.
a)
Demand
b)
Market Demand Schedule
c)
Individual Demand Schedule
d)
Market Supply Schedule
3.
The amount of a good or service that buyers are willing and able to buy at a range of prices.
a)
Quantity
b)
Law of Demand
c)
Demand
d)
Market Demand Schedule
4.
Amount
a)
Law of Demand
b)
Quantity
c)
Law of Supply
d)
Law of Attrition
5.
When the price of a good is low people will buy more of it; when the price of a good is high people will buy less of it.
a)
Quantity
b)
Market Demand Schedule
c)
Law of Demand
d)
Individual Demand Schedule
6.
The amount of a good or service that sellers are willing to sell at a range of prices.
a)
Surplus
b)
Market Supply Schedule
c)
Individual Supply Schedule
d)
Supply
7.
The higher the price of a good, the larger the quantity of the good that will be produced.
a)
Law of Supply
b)
Law of Demand
c)
Law of Averages
d)
Murphy's Law
8.
A chart that lists the quantity of a good that one company will sell at different prices.
a)
supply
b)
surplus
c)
shortage
d)
Individual supply schedule
9.
When the supply of a good or service is greater than the demand for that good or service.
a)
Shortage
b)
Surplus
c)
Law of Supply
d)
Law of Demand
10.
Which of the following markets has the least competition?
a)
Monopolistic competition
b)
Monopoly
c)
Perfect competition
d)
Oligopoly
11.
Supply meets demand when the quantity supplied is _______________ the quantity demanded.
a)
different from
b)
greater than
c)
less than
d)
equal to
12.
Producers can charge as much as ____________ are willing to pay.
a)
Sharks
b)
Consumers
c)
The government
d)
Entrepreneurs
13.
Prices DO NOT
a)
Ration goods and services
b)
Send signals to buyers and sellers
c)
Determine the market structure
d)
Give producers an incentive
14.
If gas was $6 per gallon, what would NOT happen?
a)
Ride with a friend
b)
Ride the bus
c)
Stock up on gas
d)
Rethink your driving habits
15.
Market clearing price is a synonym for
a)
Surplus
b)
Shortage
c)
Deficit
d)
Equilibrium
16.
If Duck Donuts opened in the same shopping center as Dunkin Donuts...
a)
Dunkin Donuts would lower its prices
b)
Dunkin Donuts would raise its prices
c)
Duck Donuts would stop advertising
17.
When there is a shortage of a good or service, prices for that good or service will go
a)
up
b)
down
c)
stay the same
d)
you will only be able to buy the item online
18.
When barriers go up, ______________ is impossible
a)
Monopolies
b)
Oligopolies
c)
Surplus
d)
Perfect competition
19.
When prices go up, consumers
a)
buy less
b)
buy more
c)
shop online
20.
When prices go up, suppliers
a)
produce less
b)
produce more
c)
close their stores
Reset
