WorksheetsSupply & Demand
Total questions: 26
Worksheet time: 15mins
Name
Class
Date
1.
When a consumer is willing and able to buy a good or service, he/she creates which of the following?
a)
consumption
b)
demand
c)
supply
d)
allocation
2.
What shows the quantities of products demanded at each price by all consumers in a market?
a)
a schedule of consumer prices
b)
a market pricing list
c)
a market demand schedule
d)
consumer price index
3.
What is the basic principle of the law of demand?
a)
The higher the price, the more people will want the good.
b)
The lower the price, the more people will want the good.
c)
Everyone has a limited income that they will spend.
d)
Everyone has an unlimited income that they can spend.
4.
What kind of changes would be expected in the demand of a country that has a growing population?
a)
a rise in the demand for shelter
b)
a shift in the demand for high-quality goods
c)
a lowering in the demand for automobiles
d)
a decrease in the demand for movies
5.
What is a complement good?
a)
a good that replaces another demanded good
b)
a good that is always used with another good
c)
a good whose quantity demanded decreases when consumer income rises
d)
a good that says nice things about the other goods around them
6.
What is a substitute good?
a)
a good that replaces another demanded good
b)
a good that is always used with another good
c)
a good whose quantity demanded decreases when consumer income rises
d)
a good that does not taste as good as a name brand good
7.
As the price of a product decreases suppliers want to...
a)
produce more.
b)
produce less.
c)
produce the same amount.
d)
close their stores.
8.
A change in quantity supplied is shown by...
a)
a shift in the curve.
b)
movement along the curve.
c)
people buying more goods.
d)
people buying less goods.
9.
The slope of the supply curve is...
a)
down and to the right.
b)
up and to the left.
c)
up and to the right.
d)
straight across.
10.
At market equilibrium, there is...
a)
a surplus.
b)
a shortage.
c)
no tendency for price to change.
d)
a price correction on the horizon.
11.
A graph showing the quantity of the product supplied at different prices...
a)
supply schedule
b)
law of supply
c)
supply curve
d)
change in supply
12.
Causes a shift in the supply curve...
a)
supply schedule
b)
law of supply
c)
supply curve
d)
change in supply
13.
A table showing the quantity of an item produced at different prices...
a)
supply schedule
b)
law of supply
c)
supply curve
d)
change in supply
14.
As the price of a good or service increases, suppliers usually want to supply more and vice versa...
a)
supply schedule
b)
law of supply
c)
supply curve
d)
change in supply
15.
The method of increasing productivity...
a)
profit
b)
efficiency
c)
fixed costs
d)
variable costs
16.
Costs that change with the level of production...
a)
profit
b)
efficiency
c)
fixed costs
d)
variable costs
17.
Total revenue minus total costs...
a)
profit
b)
efficiency
c)
fixed costs
d)
variable costs
18.
Costs that remain the same, regardless of the level of production...
a)
profit
b)
efficiency
c)
fixed costs
d)
variable costs
19.
Quantity Supplied >
Quantity Demanded
Quantity Demanded
a)
price floor
b)
shortage
c)
price ceiling
d)
surplus
20.
Quantity Demanded >
Quantity Supplied
Quantity Supplied
a)
price floor
b)
shortage
c)
price ceiling
d)
surplus
21.
Guaranteed lowest price charged for a product...
a)
price floor
b)
shortage
c)
price ceiling
d)
surplus
22.
Guaranteed highest price charged for a product...
a)
price floor
b)
shortage
c)
price ceiling
d)
surplus
23.
The curve for Pepsi when the price of Dr. Pepper decreases.
a)
A
b)
B
c)
C
d)
D
24.
The graph for automobiles when the price of steel increases.
a)
A
b)
B
c)
C
d)
D
25.
The graph for consumer goods at the mall when 500 families suddenly move to Plano.
a)
A
b)
B
c)
C
d)
D
26.
The graph for Mrs. Bradley's pizza when she must pay 10% more for cheese and tomatoes.
a)
A
b)
B
c)
C
d)
D
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