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Supply and Demand 2023-24

Total questions: 35

Worksheet time: 36mins

Name
Class
Date
1.

What might happen if the demand for a new type of XBOX began rising quickly?

a)

The manufacturer would begin making fewer new XBOXs

b)

Microsoft would raise the price of the new XBOXs

c)

Microsoft would stop selling the new XBOX

d)

Microsoft would lower the price of the new XBOX

2.

Which condition would lead to the highest prices?

a)

Low supply, high demand

b)

High supply, high demand

c)

High supply, low demand

d)

Low supply, low demand

3.

In a market, price is determine by the interaction of:

a)

inputs and outputs

b)

supply and demand

c)

push and pull factors

d)

demand and means on distribution

4.

If demand for a product increases beyond the ability of produces to supply the product, what will happen to the price of the product?

a)

the price will increase

b)

the price will decrease

c)

the prices will stay the same

d)

the price will decrease until producers can make more

5.

What might happen if the demand for a new type of sneaker began rising quickly?

a)

The manufacturer would begin making fewer sneakers

b)

The sneaker company would raise the price of the sneakers

c)

People would refuse to pay more money for the sneakers

d)

The sneaker company would lower the price of the sneakers

6.

What is likely to happen if the price of a new pair of sneakers went up?

a)

Demand for the sneakers would increase

b)

Demand for the sneakers would decrease

c)

Merchants would begin offering sales on the sneakers

d)

It would be impossible to find a pair in stores

7.
If the cost of computers falls, then…
a)
the demand for computers goes up.
b)
the supply of computers goes up.
c)
none of the choices
d)
the demand for computers goes down.
8.
Which of the following could cause the demand for airline travel to decrease? 
a)
The price for traveling by airplane decreases
b)
The price of traveling by airplane remains the same
c)
The price for traveling by airplane increases
d)
None of the choices
9.
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
10.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
11.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
12.
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.
13.
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.
14.
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.
15.
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.
16.
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.
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.

What determines the prices of goods and services?

a)

Supply

b)

Demand

c)

Supply and demand

d)

Goods

19.

What exists when quantity supplied is greater than quantity demanded?

a)

Surplus

b)

Shortage

c)

Overflow

d)

Mass outrage

20.

A market is said to be in equilibrium when

a)

when demand is higher than the supply

b)

when demand is lower than the supply

c)

when the demand and supply quantities are equal

d)

when the supply is doubled the demand

21.

Defined as: the performance of a duty or work for another person

a)

good

b)

service

c)

export

d)

import

22.

Defined as: the act, process or business of buying, selling or exchanging goods and services

a)

embargo

b)

trade

c)

tariff

d)

quota

23.
Doctor: Goods or Service?
a)
Goods
b)
Service
24.
House: Goods or Service?
a)
Goods
b)
Service
25.
iPhone: Goods or Service?
a)
Goods
b)
Service
26.
You pay your sister $5 to clean your messy bedroom.
a)
Good
b)
Service
27.
You buy a book from a garage sale.
a)
Good
b)
Service
28.
Which is an example of a service?
a)
book
b)
police officer
c)
chair
d)
backpack
29.
Which is an example of a good?
a)
nurse
b)
mechanic
c)
basketball
d)
cook
30.
Does this person provide a good or a service?
a)
good
b)
service
31.
Does this person provide a good or a service?
a)
good
b)
service
32.
Does this person provide a good or a service?
a)
good
b)
service
33.
What is an example of a consumer?
a)
a farmer who grows corn
b)
a person who buys books
c)
an artist who sells paintings
34.
When people want more things than they can actually have
a)
economy
b)
free market economy
c)
scarcity
35.
Items that can be bought, sold, and traded, such as food and  computers
a)
goods
b)
services
c)
market

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