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WorksheetsSupply and Demand
Total questions: 25
Worksheet time: 26mins
Name
Class
Date
1.
What happened to the Eq and Ep if: a storm destroys all Alaskan oil drills?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
2.
What happened to the Eq and Ep of Meijer french fries if: the price of Ore Ida tater tots went down?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
3.
What happened to the Eq and Ep of if: american income increased 10%?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
4.
What happened to the Eq and Ep of if: workers go on strike?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
5.
What happened to the Eq and Ep of if: new production technology is invented?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
6.
What happened to the Eq and Ep of computers if: price of processors decreased?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
7.
What happened to the Eq and Ep of peanut butter if: price of jelly increased?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
8.
What happened to a supply curve when supply goes down?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
9.
What happened to a demand curve when demand goes down?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
10.
What happened to a demand curve when demand goes up?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
11.
What happened to a supply curve when supply goes up?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
12.
What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
a)
surplus
b)
shortage
c)
equilibrium price
d)
subsidy
13.
What determines price & quantity produced of goods?
a)
supply
b)
demand
c)
consumers
d)
supply & demand
14.
What is a government payment for certain actions?
a)
tax
b)
profit
c)
tariff
d)
subsidy
15.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
16.
Land prices are increasing too much, what would the government do?
a)
Use a price floor
b)
Use a price ceiling
c)
Do nothing
d)
Offer subsidies to sellers
17.
Beef prices are decreasing way too far, what would the government do?
a)
Use a price floor
b)
Use a price ceiling
c)
Do nothing
d)
Offer subsidies to sellers
18.
If the government set the price at $3 what would it be?
a)
a price floor
b)
a price ceiling
c)
a surplus
d)
equilibrium
19.
If the government set the price at $8 what would it be?
a)
a price floor
b)
a price ceiling
c)
a shortage
d)
equilibrium
20.
If the price is set at $5 what would it be?
a)
a price floor
b)
a price ceiling
c)
a shortage
d)
equilibrium
21.
What factor would change and how if number of buyers decreased
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
22.
What factor would change and how if input costs decrease?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
23.
What factor would change and how if substitute price increased?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
24.
What factor would change and how if company could make more money on different product?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
25.
What factor would change and how if government creates new pollution regulations?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
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