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8 Economics&Business 2

Total questions: 11

Worksheet time: 6mins

Name
Class
Date
1.

In Australia's market economy, ___don't simply choose a price for their products.

a)

sellers

b)

buyers

c)

goods

d)

services

2.

Prices are mainly affected by the combination of the demand from ____and supply from _____.

a)

goods : services

b)

buyers : sellers

c)

needs : wants

d)

price : stuff

3.

Economists call the ________ in demand and supply market forces.

a)

influence

b)

price

c)

changes

d)

interaction

4.

Buyers' demand for ___ and ___ is constantly changing.

a)

sellers : buyers

b)

producers : consumers

c)

firms : householders

d)

goods : services

5.

___ in prices cause changes in demand.

a)

Change

b)

Price

c)

Influence

d)

Interact

6.

When the price of a produce rises then the quantity demanded will fall, is known as the

a)

Law of Supply

b)

Law of Demand.

7.

When the price of a product falls, the quantity demanded will rise, is known as the...

a)

Law of Supply.

b)

Law of Demand.

8.

Sometimes, the ___ is at a level where the amount that ______ are willing to demand is the same amount as that which ______ are willing to supply.

a)

price : sellers : buyers

b)

goods : buyers : sellers

c)

price : buyers : sellers

9.

When the amount demanded equals the amount willing to be supplied it is called?

a)

Equilibrium

b)

The happy place

c)

Market equilibrium price

d)

Both A and C are correct.

10.

When the price of a product falls, the quantity supplied also falls.

a)

Law of Demand

b)

Law of Supply

11.

When the price rises then the quantity demanded will also rise.

a)

Law of Demand

b)

Law of Supply