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WorksheetsSupply and Demand Quiz
Total questions: 25
Worksheet time: 29mins
What is economics?
The study of how goods and services are produced.
The study of how goods and services are distributed.
The study of how goods and services are consumed.
All answers are correct.
Economics are broken into which two different studies?
Microeconomics and Macroeconomics
Minieconomics and Maxeconomics
Big Econ and Small Econ
All Answers are Correct
What is Microeconomics?
The study of the behavior of individuals in an economic environment.
The study of economies as a whole.
The study of broader issues and interactions.
All answers are correct.
What is Macroeconomics?
The study of the behavior of individuals in an economic environment.
The study of economies as a whole to determine broader issues and interactions.
The study of market failures.
All answers are correct.
Which is the total amount that producers are willing to sell at a specific price?
Quantity Supplied
Quantity Demanded
Supply
Demand
Which is the total amount that consumers are willing to buy at a specific price?
Quantity Supplied
Quantity Demanded
Supply
Demand
Which is the representation of quantity supplied at all prices?
Quantity Supplied
Quantity Demanded
Supply
Demand
Which is the representation of quantity demanded at all prices?
Quantity Supplied
Quantity Demanded
Supply
Demand
The difference between Supply and Quantity Supplied is that Supply is a line and Quantity Supplied is a point.
True
False
The difference between Demand and Quantity Demanded is that Demand is at all prices and Quantity Demanded is a a single price.
True
False
What point is the ideal price and quantity for a good or service based on supply and demand?
The highest point
The lowest point
Equilibrium
All answers are correct
What is the ideal price for a good or service based on supply and demand?
During a shortage
During a surplus
Equilibrium Price
All answers are correct
What is the ideal quantity for a good or service based on supply and demand?
During a shortage
During a surplus
Equilibrium Quantity
All answers are correct
A shift in demand occurs when what changes, causing the entire demand curve to shift either right or left?
Price
Quantity
An outside force
All answers are correct
A shift in supply occurs when outside forces changes, causing the entire demand curve to shift where?
Either Up or Down
Along the supply line
Either Right or Left
All answers are correct
When demand increases, it results in what type of shift?
Right
Left
Up
Down
When demand decreases, it results in what type of shift?
Right
Left
Up
Down
When supply decreases, it results in what type of shift?
Right
Left
Up
Down
When supply increases, it results in what type of shift?
Right
Left
Up
Down
When demand increases, what happens to equilibrium price and equilibrium quantity?
Ep and Eq both increase
Ep and Eq both decrease
Ep increases and Eq decreases
Ep decreases and Eq increases
When demand decreases, what happens to equilibrium price and equilibrium quantity?
Ep and Eq both increase
Ep and Eq both decrease
Ep increases and Eq decreases
Ep decreases and Eq increases
When supply decreases, what happens to equilibrium price and equilibrium quantity?
Ep and Eq both increase
Ep and Eq both decrease
Ep increases and Eq decreases
Ep decreases and Eq increases
When supply increases, what happens to equilibrium price and equilibrium quantity?
Ep and Eq both increase
Ep and Eq both decrease
Ep increases and Eq decreases
Ep decreases and Eq increases
Which graph correctly labels all aspects of a supply and demand graph?
In a graph of supply and demand, what are the two axis labeled as?
Price and Quantity
Supply and Demand
Quantity Supplied and Quantity Demanded
All answers are correct
