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Supply and Demand

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
2.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
3.
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
4.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
5.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
6.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
7.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
8.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
9.

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

a)

The supply probably went up.

b)

The supply probably went down.

10.

In 1940, scientists invented a new form of synthetic, or artificial, rubber. It was cheaper to work with than natural rubber. What happened to the overall supply of rubber tires after 1940?

a)

The supply went up

b)

The supply went down

11.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

12.

Last year, 50,000 people lived in the city of Fairfax.

But since then, 8,000 people have moved away. What probably happened to the overall supply of houses for sale in Fairfax?

a)

The supply probably went up

b)

The supply probably went down

13.

Summerfield's population has grown by 10,000 people per year for the last five years. What has probably happened to the overall demand for apartments in Summerfield?

a)

The demand has probably gone up

b)

The demand has probably gone down

14.

What will happen to the price of corn if almost no rain falls on corn crops?

a)

The price will increase

b)

The price will decrease

15.
The law of supply states that if the price of CD’s rise, suppliers will
a)
Supply more CDs
b)
Supply fewer CDs
c)
Quantity supplied will not change