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WorksheetsSupply & Demand
Total questions: 29
Worksheet time: 25mins
Name
Class
Date
1.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
2.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
3.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
4.
The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?
a)
The price will go up.
b)
The price will go down.
5.
Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high. What will happen to the price of the cherries?
a)
The price will go up.
b)
The price will go down.
6.
Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.
a)
The price will go up.
b)
The price will go down.
7.
What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high. What will happen to the price of the card?
a)
The price will go up.
b)
The price will go down.
8.
The new Avengers End Game movie is coming out today! All of the shows are sold out, but your neighbor is selling his tickets because he can't go. A lot of people in your neighborhood want to buy the tickets. What will happen to the price of the tickets?
a)
The price will go down
b)
The price will go up
9.
Amazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?
a)
The price will go up.
b)
The price will go down.
10.
Lucas fixes his friend's sink. He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
11.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
12.
A farmer is a ___________ because he/she grows food to sell.
a)
producer
b)
consumer
13.
Giving a haircut
a)
example of scarcity
b)
example of a service
c)
example of a good
d)
example of a consumer
14.
Who buys goods or services?
a)
Producers
b)
consumers
15.
Jobs that people do for others?
a)
Resource
b)
Services
c)
Producers
16.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
17.
What happens to the price of objects when the demand for them decreases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
18.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
19.
Tasks completed for you by other people or by machines are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
20.
If there is a huge demand for an item and the supply is very low, what will happen to the price?
a)
The price will decrease
b)
The price will increase
c)
The price will stay the same.
d)
They will be free.
21.
What type of economy does the USA have?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
22.
What is a commodity?
a)
a product
b)
a bathroom facility
23.
Quantity means
a)
best item
b)
the amount
24.
Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
a)
Scarcity
b)
Supply and Demand
25.
If a resource is scarce
a)
there is a shortage and unlimited wants in a world of limited resources
b)
to be extremely rare and expensive
26.
The study of how people make decisions given the resources that are provided to them.
a)
Economics
b)
Command Economy
27.
The voluntary exchange of goods and services without any government intervention.
a)
Market Economy
b)
Traditional Economy
28.
My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99. According to the law of supply and demand, which is most likely to be true about the Nikes.
a)
Supply for the Nikes was high but the demand was low.
b)
Supply for the Nikes was low but demand was high.
29.
If supply of a product is limited, but demand is high, how would the price be affected?
a)
It would go up
b)
It would go down
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