NEW
Font size
S
M
L
XL
WorksheetsThe Price System
Total questions: 20
Worksheet time: 39mins
Name
Class
Date
1.
If the price of baseball games decrease, the demand for peanuts and crackerjack will decrease.
a)
True
b)
False
2.
A price ceiling is the highest price the government will allow to be charged for a product.
a)
True
b)
False
3.
If there is a surplus in the market, the price is likely to...
a)
increase.
b)
decrease.
c)
fluctuate.
d)
stay the same.
4.
A decrease in demand will result in...
a)
an increase in equilibrium price and a decrease in equilibrium quantity.
b)
a decrease in equilibrium price and a decrease in equilibrium quantity.
c)
an increase in equilibrium price and quantity.
d)
a decrease in equilibrium price and quantity.
5.
An increase in supply will result in...
a)
an increase in equilibrium price and a decrease in equilibrium quantity.
b)
a decrease in equilibrium price and an increase in equilibrium quantity.
c)
an increase in equilibrium price and quantity.
d)
a decrease in equilibrium price and quantity.
6.
The graph for cars now when consumers expect prices to decrease in the future.
a)
A
b)
B
c)
C
d)
D
7.
The graph for McDonald's "chicken" nuggets when workers start working instead of Snapchat.
a)
A
b)
B
c)
C
d)
D
8.
The graph for bread when the price of flour increases.
a)
A
b)
B
c)
C
d)
D
9.
The graph for Sprite when the price of 7up increases.
a)
A
b)
B
c)
C
d)
D
10.
The graph for consumer goods at a big box retail store when a new neighborhood is built next to the store.
a)
A
b)
B
c)
C
d)
D
11.
The graph for 3D printers when a news report makes national news talking about being able to print inexpensive edible food.
a)
A
b)
B
c)
C
d)
D
12.
The graph for cereal when the price of milk triples.
a)
A
b)
B
c)
C
d)
D
13.
The graph for wheat when farmers get new equipment that improves the harvesting ability of wheat.
a)
A
b)
B
c)
C
d)
D
14.
Price floors tend to result in...
a)
shortages.
b)
rationing.
c)
surpluses.
d)
equilibrium.
15.
Price ceilings tend to result in...
a)
shortages.
b)
surpluses.
c)
equilibrium.
d)
higher prices.
16.
A ___ ___ keeps prices form going any higher and causes a ___.
a)
price ceiling; shortage
b)
price ceiling; surplus
c)
price floor; shortage
d)
price floor; surplus
17.
A ___ ___ keeps prices form going any lower and causes a ___.
a)
price ceiling; shortage
b)
price ceiling; surplus
c)
price floor; shortage
d)
price floor; surplus
18.
Which of these is NOT a characteristic of equilibrium?
a)
Where Supply and Demand Intersect.
b)
Where there is little surplus or shortage.
c)
Where QD = QS.
d)
Where all markets strive to be.
19.
Assuming demand remains the same, as supply decreases the equilibrium price...
a)
no longer exists.
b)
increases.
c)
decreases.
d)
stays the same.
20.
The point where QS and QD are equal is called...
a)
equilibrium.
b)
shortage.
c)
surplus.
d)
the middle.
Reset
