wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Supply and Demand

Total questions: 60

Worksheet time: 2hrs 45mins

Name
Class
Date
1.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
2.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
3.
An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.
a)
increase; complements
b)
increase; substitutes 
c)
 decrease; complements 
d)
 decrease; substitutes
4.

If the price of printers goes down, what happens in the market for ink cartridges?

a)

Supply increases.

b)

Supply decreases.

c)

Demand increases.

d)

Demand decreases

5.
Printers and ink cartridges are typically purchased together.  Economists would call these
a)
Stubstitues
b)
Complements
c)
Elastic
d)
Inelastic
6.
Assume the image is showing the market for apples.  Which of the headlines could indicate the pictured shift is occurring in the market?
a)
Pesticides on apples linked to mouth cancer.
b)
Storms destroy apple orchards.
c)
An apple a day really does keep the doctor away.
d)
New genetic strain leads to apple trees that produce twice as many apples.
7.
A government payment made to a business is a
a)
tax
b)
regulation
c)
subsidy
d)
resource
8.

The price of diamonds goes from $150 an ounce to $5 an ounce. What happens to the demand for diamonds?

a)

increase; tastes and preferences

b)

decrease; price of related goods (complements)

c)

increase; change income

d)

stays the same; price is not a determinant of demand

9.
The following is a factor that will not cause the demand curve to shift:
a)
Advertising
b)
Population
c)
Price
d)
Consumer expectations
10.
A change in quantity demanded is shown
a)
at various points on the demand curve
b)
with a new demand curve drawn above or below the original demand curve
c)
with a vertical line
11.
Consuming more of one good because of a change in price of another good is known as the 
a)
income effect
b)
substitution effect
c)
elasticity effect
d)
demand effect
12.
If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?
a)
it will go up
b)
it will go down
c)
it will stay the same
d)
what does this have to do with the price of tea in China?
13.
A table that lists the quantity of a good that a single person will buy at each price in a market.
a)
demand schedule
b)
market demand schedule
c)
elasticity chart
d)
supply and demand graph
14.

When producers are left with a ____________________ of products, they may reduce prices.

a)

surplus

b)

shortage

c)

scarcity

d)

subsidy

15.
In a market economy, who decides on the prices of goods and services?
a)
government
b)
buyers and sellers
c)
firms
d)
local leaders
16.
Generally speaking, the lower the price, the greater the quantity demand.
a)
True
b)
False
17.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
18.

Demand is measured not only by a consumer’s ability to buy a product, but also by

a)

the demand for similar products.

b)

the demand for the product.

c)

opportunity costs.

d)

desire and willingness to buy.

19.

For the law of supply, as price rises, what happens to quantity supplied?

a)

it goes up

b)

it goes down

c)

it stays the same

d)

it is not effected

20.

If Michael Jordan did advertisements for Steak and Shake, this would cause the ___________ curve for Steak and Shake to shift ____________.

a)

demand.........right

b)

demand.........left

c)

supply.......right

d)

supply....... left

21.

When CDs became popular, people stopped listening to tape cassettes. This caused the ___________ curve for tape cassettes to shift ____________.

a)

demand.........right

b)

demand.........left

c)

supply.......right

d)

supply....... left

22.
Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…
a)
consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.
b)
the supply of superstar basketball players is low, while the supply of competent teachers is much larger.
c)
demand for LeBron James' talents is very high since he can generate so much revenue for a firm.
d)
all of the choices
23.
Which of the following could cause the price for automobiles to decrease?
a)
The local factory gives a big raise to its employees.
b)
None of the choices
c)
A brand new automobile dealership opens in town.
d)
The price of gasoline falls.
24.
When college students leave town for the summer, the demand for meals at the local restaurants declines. This may result in…
a)
more people moving into town.
b)
a decrease in price.
c)
none of the choices
d)
an increase in price.
25.
What is it called when the quantity which is demanded is higher than the quantity supplied?
a)
None of the choices
b)
Surplus
c)
Equilibrium
d)
Shortage
26.
What is the point called where the supply curve and the demand curve intersect? 
a)
Sale Price
b)
Equilibrium Price
c)
Economic Price
d)
Premium Price
27.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
28.

Prices have the advantages of neutrality, ____________________, efficiency, and clarity.

a)

total revenue

b)

miscommunication

c)

disparity

d)

flexibility

29.

If total revenue increases for a company after it raises the price of its product the product is said to be

a)

inelastic in its demand.

b)

elastic in its demand.

c)

inelastic in its supply.

d)

elastic in its demand.

30.
Which graph below shows the DEMAND CURVE? 
a)
A
b)
B
c)
C
d)
D
31.
This states that consumers buy more of a good when its price decreases and less when its price increases.
a)
Law of Demand
b)
Law of Supply
c)
Newton’s Law of Demand
d)
Craig’s Demand Law
32.

The minimum wage is the ____________________ for wages in the United States.

a)

price ceiling

b)

price floor

c)

market price

d)

equilibrium price

33.

Latin phrase meaning all other things held constant

a)

Ceteris Parabis

b)

Cogito Ergo Sum

c)

Seize the Day

d)

Celery Parables

34.

____________________ serve as signals to both producers and consumers.

a)

Stocks

b)

Equilibriums

c)

Supply schedules

d)

Prices

35.

The government can affect supply through all of the following except…?

a)

Subsidies

b)

Taxes

c)

Technology

d)

Regulations

36.

If the price of gas rises, what happens to its supply?

a)

Supply Lowers

b)

Stays the Same

c)

Enter the Matrix

d)

Supply Rises

37.

If the price of gas rises, what happens to its supply?

a)

Supply Lowers

b)

Stays the Same

c)

Enter the Matrix

d)

Quantity Supplied Increases

38.

Cheeseburgers and ice cream have relatively horizontal demand curves which are said to be

a)

complementary.

b)

upward sloping.

c)

elastic.

d)

inelastic.

39.

Christina Aguilera launches the “Jeanie in a Bottle” jeans company. What will happen to the supply of jeans?

a)

stays the same, there is no determinant of supply here

b)

decrease, tastes and preferences

c)

increase, number of sellers

d)

increase, cost of inputs

40.

The three stages of production are: increasing returns, ____________________ returns, and negative returns.

a)

elastic

b)

diminishing

c)

substitution

d)

input

41.

The difference between a change in demand and a change in quantity demanded is that a change in demand

a)

only occurs with a change in price.

b)

only occurs when a determinant of supply changes.

c)

represents a movement along the demand curve.

d)

represents a shift or movement of the entire demand curve to the right or left.

42.

Which of the following is NOT a reason why prices effectively perform the allocation function?

a)

Prices favor neither the producer nor the consumer.

b)

Prices remain surprisingly stable despite unexpected events.

c)

Competitive markets find their own prices without interference.

d)

Prices are easily understood.

43.

In a market economy, a high price is a signal for

a)

producers to supply more and consumers to buy less.

b)

producers to supply less and consumers to buy less.

c)

government to intervene to protect consumers.

d)

producers to supply less and consumers to buy more.

44.

A business doubled the price of a product in order to increase profits. Which of the following scenarios might have occurred?

a)

A sharp increase in revenues demonstrated the elasticity of the product.

b)

A small increase in revenues demonstrated the unit elasticity of the product.

c)

A dramatic decline in revenues demonstrated the elasticity of the product.

d)

A dramatic decline in revues demonstrated the inelasticity of the product.

45.

At a given price, a surplus occurs when

a)

the quantity demanded is more than the quantity supplied.

b)

the quantity demanded is the same as the quantity supplied.

c)

the quantity supplied is less than the quantity demanded.

d)

the quantity supplied is greater than the quantity demanded.

46.

The federal minimum wage law demonstrates

a)

market equilibrium.

b)

a societal choice for economic equity over efficiency.

c)

the function of equilibrium price in a competitive market.

d)

government intervention to ensure the equilibrium price.

47.
What determines how a change in price will affect total revenue for a company?
a)
Elasticity of Demand
b)
The company's pricing policy
c)
Values of Elasticity
d)
The Consumer's Incomes
48.
All of the following are true for goods with ELASTIC demand, EXCEPT _______
a)
They are luxuries
b)
They have lots of substitutes
c)
They are necessities 
d)
Buying habits change a lot when price changes
49.
A table that lists the quantity of a good that a single person will buy at each price in a market.
a)
demand schedule
b)
market demand schedule
c)
elasticity chart
d)
supply and demand graph
50.
Which of the following is likely to decrease the demand for peanut butter?
a)
Fewer children in the population
b)
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
c)
A big increase in the price of jelly.
d)
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
51.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
52.
This occurs when you feel like you have less money when the price of a good rises.
a)
Income Effect
b)
Substitution Effect
c)
Demand Effect
d)
Inflation Effect
53.
Which economic concept is defined as the measure of how responsive consumers are to a price change?
a)
consumer expectations
b)
consumer taste
c)
decreasing marginal utility
d)
elasticity of demand
54.

The movie theater increases its price from $8 to $12 and fewer people attended the movies. This represents a

a)

change in demand

b)

change in quantity demanded

55.

On a curve, an increase in demand causes the demand curve to

a)

fluctuate both right and left

b)

shift to the left

c)

shift to the right

d)

stay in the same position

56.

Candy and tacos have relatively horizontal demand curves which are said to be

a)

elastic

b)

inelastic

c)

unit elastic

d)

loss leader

57.

When a price increase causes a small change in demand, the demand is said to be _________

a)

elastic

b)

inelastic

c)

unitary

58.

In elastic demand, as the price decreases, total revenue will...

a)

increase

b)

decrease

c)

stay the same

59.

In inelastic demand, as the price decreases, total revenue will...

a)

increase

b)

decrease

c)

stay the same

60.

The price of Chipotle goes from $7 a burrito to $.50. What will happen to the demand for Chipotle burritos?

a)

increase; tastes and preferences

b)

increase; change in income

c)

decrease; change in income

d)

stays the same; price is not a determinant of demand

Similar Resources on Wayground

Currents, Plate Tectonics and Earthquake Review

60 questions

Currents, Plate Tectonics and Earthquake Review

quiz

Worksheet

•

10th - 12th Grade

5th Grade TES5 RP2 SY25 Review

60 questions

5th Grade TES5 RP2 SY25 Review

quiz

Worksheet

•

5th Grade - University

Mid-Term Volcanoes

60 questions

Mid-Term Volcanoes

quiz

Worksheet

•

9th - 11th Grade

Earth Science B Unit 1 Review

65 questions

Earth Science B Unit 1 Review

quiz

Worksheet

•

9th - 12th Grade

SPACE Unit 2

61 questions

SPACE Unit 2

quiz

Worksheet

•

KG - University

6th grade Space Review

56 questions

6th grade Space Review

quiz

Worksheet

•

KG - University

History of Healthcare

65 questions

History of Healthcare

quiz

Worksheet

•

9th Grade - University

Characteristics of science

56 questions

Characteristics of science

quiz

Worksheet

•

9th - 12th Grade