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Supply and demand

Total questions: 40

Worksheet time: 28mins

Name
Class
Date
1.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
2.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
3.
Factors that cause the supply or demand to change are called?
a)
equilibrium
b)
shifter
c)
demand
d)
producer
4.
a person or company that makes, grows, or supplies goods to sell is called the?
a)
damand
b)
price
c)
producer
d)
shortage
5.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
6.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
7.
An individual or group who purchases goods.
a)
producer
b)
consumer
c)
goods
d)
services
8.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
9.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
10.

Due to the special 100th year anniversary of TRC, people will be attending a prom in record numbers. Market: dresses in Rotherham

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

11.

Levis will pay its workers $1.50 more per hour. Market: jeans

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

12.

Price of ground beef skyrockets. Market: Hamburger buns

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

13.

High levels of mercury found in canned tuna. Market: canned tuna

a)

Demand Increase

b)

Demand Decrease

c)

Supply increase

d)

Supply Decrease

14.

Price of BMW's drops. Market: Mercedes

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

15.

Drought hits peanut crop in Georgia. Market: peanut butter

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

16.

New machinery smashes peanuts twice as fast. Market: peanut butter

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

17.

US announces a tax on car tires to pay for national highway bridges. Market: car tires

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

18.

Price of shaving cream goes up. Market: manual razors

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

19.

Price of turkey rises. Market: chicken

a)

Demand Up

b)

Demand Down

c)

Supply Up

d)

Supply Down

20.

Due to Covid 19, US citizens are not allowed to travel to Italy. Market for airline tickets from Chicago to Rome.

a)

Demand Increase

b)

Demand Decrease

c)

Demand Unchanged

d)

Supply Increase

21.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
22.
The law of demand states that if the price of CD’s rise, consumers will
a)
Buy more CDs
b)
Buy fewer CDs
c)
Quantity demanded will not change
23.
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
24.
Which of the following is NOT a determinant of the supply of peanut butter?
a)
The price of peanuts 
b)
The wages of peanut butter factory workers 
c)
The income of peanut butter consumers
d)
Existing peanut butter making technology
25.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods 
b)
A decrease in the price of lift tickets at resorts in Colorado 
c)
A decrease in consumer income   
d)
A decrease in the population 
26.
What does a “surplus” (extra amount) of goods in a market imply?
a)
Prices are too high
b)
Prices are too low
c)
Supply is too low
d)
Demand is too high
27.
Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
28.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
29.
Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
a)
Supply for gasoline will decrease 
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
30.
Point at which supply and demand come together
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilibrium
31.
When quantity demanded is more than quantity supplied
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilbrium
32.
When quantity supplied is greater than the quantity demanded, what is the condition know as?
a)
abundant supply
b)
disequilibrium
c)
excess availability
d)
excess supply.
33.
Equilibrium in a market means which of the following?
a)
the point at which quantity supplied and quantity demanded are the same
b)
the point at which unsold goods begin to pile up
c)
the point at which suppliers begin to reduce prices
34.
A situation in which resources are distributed according to price
a)
rationing
b)
black market
c)
supply shock
d)
free market
35.
Which of the following is another name for excess demand?
a)
shortage
b)
surplus
c)
equilibrium
d)
disequilibrium
36.
Which of the following is another name for excess supply?
a)
shortage
b)
surplus
c)
equilibrium
d)
disequilibrium
37.
At which price is equilibrium?
a)
$1.00
b)
$1.25
c)
$1.50
d)
$1.75
38.
At which quantity does supply and demand reach equilibrium? 
a)
500
b)
600
c)
700
d)
800
39.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
40.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus

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