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Supply and Demand

Total questions: 40

Worksheet time: 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.
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
4.
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
5.
Generally speaking, the lower the price, the greater the quantity demand.
a)
True
b)
False
6.
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
7.
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
8.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
9.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
10.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
11.
How much people want something
a)
supply
b)
demand
12.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
13.
Something we pay for that we can touch
a)
goods
b)
services
14.
People who work to make goods or provide services
a)
human resources
b)
capital resources
c)
natural resources
d)
entrepreneurs
15.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
16.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
17.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
18.
Something we use
a)
resource
b)
scarcity
c)
demand
d)
supply
19.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
20.
How much of something is available
a)
supply
b)
demand
21.
The exchange of goods and services
a)
trade
b)
market
c)
economics
d)
consumer
22.

If producers are able to increase their productivity, this will result in

a)

An increase in demand

b)

A decrease in demand

c)

An increase in supply

d)

A decrease in supply

23.

'Petrol' and 'Cars' are regarded as

a)

Normal products

b)

Inferior Products

c)

Complements

d)

Substitutes

24.

As a producer and seller of cosmetics, NYX sells ______.

a)

Supplies

b)

goods

c)

services

d)

gross domestic products

25.

Because LaDeirda's bank provides payment services, loan and insurance products, investments, credit cards, and online banking, it is a _____________ company.

a)

management

b)

service

c)

goods

d)

not-for-profit

26.

Ultimately, the goal of any business is to satisfy the needs of its _____.

a)

employee

b)

customers

c)

owners

d)

creditors

27.

Which of the following is an example of a service company?

a)

lumber mill

b)

insurance company

c)

Nike

d)

mobile home manufacturer

28.

Gigi's Cupcakes produces goods that are

a)

tangible

b)

intangible

c)

services

d)

mixed

29.

There are 4 _______________. They are land, labor, capital and entrepreneurship.

a)

Factors of Production

b)

Market Economy

c)

Profit

d)

Economics

30.

Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

a)

Labor

b)

Capital

c)

Revenue

31.
The market equilibrium price is the price at which
a)
surpluses depress the number of goods supplied
b)
shortages and surpluses will have no effect on the market
c)
the government will not intervene in the market
d)
the quantity demanded is the same as the quantity supplied
32.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
33.
What is the Equilibrium Quantity?
a)
50
b)
60
c)
70
d)
80
34.
If the Price is $2, there will be...
a)
A surplus of 45
b)
A shortage of 85
c)
A shortage of 45
d)
A surplus of 85
35.
In order to reduce shortages, business owners will likely ____ prices. 
a)
increase 
b)
decrease
c)
set
d)
fix
36.
What is the major difference between scarcity and a shortage? 
a)
They are really the same
b)
Shortages always exist and scarcity is temporary 
c)
Shortages are temporary and scarcity always exist. 
d)
Scarcity is limited and shortages are unlimited 
37.
If supply increases, but demand remains unchanged, which will be the result?
a)
Equilibrium price and quantity will decrease. 
b)
Equilibrium price will increase, but quantity will decrease
c)
Equilibrium price will decrease, and eq. quantity will increase
38.
If demand increases, but supply remains unchanged, which is the result?
a)
Equilibrium price and quantity will increase, 
b)
Equilibrium price and quantity will decrease
c)
Equilibrium price will decrease, and quantity will increase.
39.
If a market is at equilibrium and if there is a sudden increase in demand, you have a 
a)
surplus
b)
shortage
c)
Stays the same
40.
In a free market system, a high price is a signal for
a)
producers to supply more & consumers buy less
b)
producers to supply less & consumers to buy more 
c)
government to intervene to protect customers
d)
producers to supply less and consumers to buy less

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