wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Supply and Demand

Total questions: 107

Worksheet time: 2hrs 35mins

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 demand, as price rises, what happens to quantity demanded?
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.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
6.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
7.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
8.
Which of the following is likely to increase the demand for peanut butter?
a)
Fewer children in the population
b)
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
c)
A big increase in the price of jelly.
d)
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
9.
What does this graph show?
a)
Shortage
b)
Surplus
c)
Supply Table
d)
Equilibrium
10.
If a price floor was set at 320, what quantity would be purchased?
a)
20
b)
40
c)
60
d)
80
11.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
12.
The movement from Point A to Point B represents a(n)
a)
increase in the price.
b)
decrease in the quantity supplied.
c)
shift in the supply curve.
d)
Both Orange and Blue are correct.
13.
Which of the following would not shift the supply curve for iphones?
a)
an increase in the price of iphones
b)
a decrease in the number of sellers of iphone
c)
an increase in the price of plastic, an input into the production of iphones
d)
an improvement in the technology used to produce iphones
14.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
15.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
16.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
17.
An individual or group who purchases goods.
a)
producer
b)
consumer
c)
goods
d)
services
18.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
19.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
20.
In economics these concepts are called?
a)
rise and fall
b)
supply & demand
c)
customers and products
d)
surplus and shortage
21.

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.

22.

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

23.

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

24.

In the 1970s, several countries in the Middle East decided to pump less oil from their oil wells. Oil is often made into gasoline. What happened to the world's overall supply of gasoline?

a)

The supply went up

b)

The supply went down

25.

Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?

a)

The supply went up.

b)

The supply went down

26.

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

a)

The supply will probably go up.

b)

The supply will probably go down.

27.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

28.

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

29.

Last year, taxes went up by $100 per person in

Dover. What probably happened to overall demand for goods and services in Dover?

a)

The demand probably went up

b)

The demand probably went down

30.

Last year, 50 babies were born in the town of

Oakland. This year, 100 babies were born there. What probably happened to the overall demand for diapers in Oakland?

a)

The demand probably went up

b)

The demand probably went down

31.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
32.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
33.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
34.

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

35.

What will happen to the price of teddy bears if puppy dogs become the most popular stuffed toy?

a)

The price will increase

b)

The price will decrease

36.

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

a)

The price will increase

b)

The price will decrease

37.

What will happen to the price of shoes if shoe producers have to pay higher wages to their workers?

a)

The price will increase

b)

The price will decrease

38.

What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?

a)

The price will increase

b)

The price will decarese

39.

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

a)

The price will increase

b)

The price will decrease

40.

What will happen to the price of gasoline if the price of crude oil (one of the main ingredients in gasoline) falls?

a)

The price will increase

b)

The price will decrease

41.

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

a)

The price will increase

b)

The price will decarese

42.

What will happen to the price of tomatoes if more farmers decide to start growing tomatoes?

a)

The price will increase

b)

The price will decrease

43.

What will happen to the price of wheat if Farmers have to start paying more for fertilizer?

a)

The price will increase

b)

The price will decrease

44.

Which of the following best refers to the market equilibrium price?

a)

Surpluses depress the number of goods supplied.

b)

Shortages and surpluses will have no effect on the market.

c)

The government will not intervene in the market.

d)

The quantity demanded is the same as the quantity supplied.

45.

Which statement expresses a central idea of how the laws of supply and demand work?

a)

The government sets the prices for goods and services.

b)

Prices are determined by the interaction of producers and consumers.

c)

Consumers alone determine the prices for goods and services.

d)

Technology dictates the prices charged for goods and services.

46.

A higher price for batteries would tend to

a)

increase the demand for flashlights.

b)

decrease the demand for electricity.

c)

increase the demand for electricity.

d)

increase the demand for batteries.

47.

What will happen in the rice market if buyers are expecting higher prices in the near future?

a)

The demand for rice will increase.

b)

The demand for rice will decrease.

c)

The demand for rice will be unaffected.

d)

The supply of rice will increase.

48.

Refer to Graph 4-1. The movement from point A to point B on the graph shows

a)

a decrease in demand.

b)

an increase in demand.

c)

an increase in quantity demanded.

d)

a decrease in quantity demanded.

49.

Refer to Graph 4-4. On the graph, what could most likely cause the movement from S to S1?

a)

A decrease in the price of the good.

b)

An increase in income.

c)

An improvement in technology.

d)

An increase in input prices.

50.

Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?

a)

$7, 20.

b)

$7, 60.

c)

$5, 40.

d)

$3, 60.

51.

Refer to Graph 4-5. According to the graph, What occurs at a price of $7?

a)

there would be a shortage of 40 units.

b)

there would be a surplus of 40 units.

c)

there would be a surplus of 20 units.

d)

the market would be in equilibrium.

52.
When quantity demanded is more than quantity supplied
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilbrium
53.
Legal maximum that can be charged for a good.
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilibrium
54.
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.
55.
When the government sets a price floor on earned income, it is called which of the following?
a)
market equilibrium rate
b)
base-level wage
c)
minimum wage
d)
employment guarantee
56.
Why does the government place price ceilings on some "essential" goods?
a)
to prevent inflation during to reduce supply for these goods
b)
to keep business people from making large profits
c)
to keep the goods from becoming too expensive
d)
to reduce demand for these goods
57.
When quantity supplied exceeds quantity demanded at a certain price.
a)
shortage
b)
fad
c)
search costs
d)
surplus
58.
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
59.
Business conducted without regard for government controls
a)
rationing
b)
black market
c)
supply shock
d)
free market
60.
Which of the following is another name for excess demand?
a)
shortage
b)
surplus
c)
equilibrium
d)
disequilibrium
61.
Which of the following is another name for excess supply?
a)
shortage
b)
surplus
c)
equilibrium
d)
disequilibrium
62.
At which quantity does supply and demand reach equilibrium? 
a)
500
b)
600
c)
700
d)
800
63.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
64.
If the price of baseball games decrease, the demand for peanuts and crackerjack will decrease.
a)
True
b)
False
65.
A price ceiling is the highest price the government will allow to be charged for a product. 
a)
True
b)
False
66.
If there is a surplus in the market, the price is likely to...
a)
increase.
b)
decrease.
c)
fluctuate.
d)
stay the same.
67.
A decrease in demand will result in...
a)
an increase in equilibrium price and a decrease in equilibrium quantity.
b)
a decrease in equilibrium price and a decrease in equilibrium quantity.
c)
an increase in equilibrium price and quantity.
d)
a decrease in equilibrium price and quantity. 
68.
An increase in supply will result in...
a)
an increase in equilibrium price and a decrease in equilibrium quantity.
b)
a decrease in equilibrium price and an increase in equilibrium quantity.
c)
an increase in equilibrium price and quantity.
d)
a decrease in equilibrium price and quantity. 
69.

The graph for cars now when consumers expect prices to decrease in the future.

a)

A

b)

B

c)

C

d)

D

70.
The graph for McDonald's "chicken" nuggets when workers start working instead of Snapchat.
a)
A
b)
B
c)
C
d)
D
71.
The graph for bread when the price of flour increases.
a)
A
b)
B
c)
C
d)
D
72.
The graph for Sprite when the price of 7up increases.
a)
A
b)
B
c)
C
d)
D
73.
The graph for consumer goods at a big box retail store when a new neighborhood is built next to the store.
a)
A
b)
B
c)
C
d)
D
74.
The graph for 3D printers when a news report makes national news talking about being able to print inexpensive edible food.
a)
A
b)
B
c)
C
d)
D
75.
The graph for cereal when the price of milk triples.
a)
A
b)
B
c)
C
d)
D
76.
The graph for wheat when farmers get new equipment that improves the harvesting ability of wheat.
a)
A
b)
B
c)
C
d)
D
77.
Price floors tend to result in...
a)
shortages.
b)
rationing.
c)
surpluses.
d)
equilibrium.
78.
Price ceilings tend to result in...
a)
shortages.
b)
surpluses.
c)
equilibrium.
d)
higher prices.
79.
A ___ ___ keeps prices form going any higher and causes a ___.
a)
price ceiling; shortage
b)
price ceiling; surplus
c)
price floor; shortage
d)
price floor; surplus
80.
A ___ ___ keeps prices form going any lower and causes a ___.
a)
price ceiling; shortage
b)
price ceiling; surplus
c)
price floor; shortage
d)
price floor; surplus
81.
Which of these is NOT a characteristic of equilibrium?
a)
Where Supply and Demand Intersect.
b)
Where there is little surplus or shortage.
c)
Where QD = QS.
d)
Where all markets strive to be.
82.
Assuming demand remains the same, as supply decreases the equilibrium price...
a)
no longer exists.
b)
increases.
c)
decreases.
d)
stays the same.
83.
The point where QS and QD are equal is called...
a)
equilibrium.
b)
shortage.
c)
surplus.
d)
the middle.
84.

What do businesses generally do when demand for a product decreases?

a)

Decrease the price

b)

Increase the price

c)

Keep the price the same

d)

Produce more

85.
According to the principles of supply and demand, if the price of Coke rises we would expect that
a)
People will buy more Coke
b)
Producers will produce less Coke
c)
People will buy more Pepsi
d)
Producers will produce less Pepsi
86.

In a free market, one can expect a company to charge the highest possible prices they can to make the most money due to the concept of

a)

Competition

b)

Voluntary exchange

c)

Profit motive

d)

Private property

87.

All of the following contribute to a free market system except

a)

Economic freedom

b)

Competition

c)

Self-Interest

d)

Government ownership

88.

Which economic system relies solely on the government to produce and distribute goods and services?

a)

Market

b)

Centrally-planned (command)

c)

Capitalism

d)

Mixed

89.

Which actions would a coffee producer most likely take in response to a increase in the price it can charge for coffee

a)

Produce more coffee

b)

Produce less coffee

c)

Do nothing

d)

None of the above

90.

The monetary value of a product

a)

price ceiling

b)

target price

c)

economic model

d)

price

91.

System of allocating goods and services without prices

a)

Economic model

b)

Equilibrium price

c)

Price Ceiling

d)

Rationing

92.

Quantity of output supplied that is exactly equal to the quantity demanded.

a)

Economic model

b)

Shortage

c)

Target price

d)

Equilibrium quantity

93.

Situation where quantity supplied is greater than quantity demanded at a given price is surplus.

a)

True

b)

False

94.

Situation where quantity supplied is less than quantity demanded at a given price is shortage.

a)

True

b)

False

95.

The highest legal price that can be charged for a product:

a)

Price

b)

Price ceiling

c)

Price floor

d)

Target price

96.

The lowest legal price that can be paid for a product:

a)

Price

b)

Price Ceiling

c)

Price Floor

d)

Surplus

97.

What do low prices signal buyers to do?

a)

Nothing

b)

Buy more

c)

Buy less

d)

Substitute

98.

Without prices, the three basic questions of What, How, and For Whom to produce are answered by:

a)

Consumers

b)

Producers

c)

Government

d)

Markets

99.
Which statement expresses a central idea of how the laws of supply and demand work?
a)
The government sets the prices for goods and services.
b)
Prices are determined by the interaction of producers and consumers.
c)
Consumers alone determine the prices for goods and services.
d)
Technology dictates the prices charged for goods and services.
100.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
101.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
102.
Read the following situation to answer the question:

The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?
a)
The price will rise.
b)
The price will stay the same.
c)
The price will fall.
103.
A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249.

What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
a)
The price will go up for the new year then fall.
b)
Sellers will lower their prices when the demand for the video game slows.  
c)
The price for the video game will remain at $249.
d)
The price will rise since since the games manufacturer will refuse to produce anymore.
104.
This term refers to how much of a good or service consumers are willing to buy at a particular price.
a)
Demand
b)
Compettition
c)
Supply
d)
Equilibrium Price
105.
If the price of a good is ________________ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.
a)
Lower 
b)
Higher
c)
Supply
d)
Resources
106.
If the price of a good is __________________ than the equilibrium price, then the for that good will be greater than the supply available.
a)
The Same
b)
Higher
c)
Competition
d)
Lower
107.
PART ONE: If a disease were to damage the plants that produce cocoa in Ghana what would happen to the world supply of cocoa?
a)
The world supply of cocoa would increase.
b)
The world supply of cocoa would decrease.
c)
The world supply of cocoa would stay the same.

Similar Resources on Wayground

Test ĐLĐ TK31

108 questions

Test ĐLĐ TK31

quiz

Worksheet

•

10th Grade

Cellular respiration

112 questions

Cellular respiration

quiz

Worksheet

•

9th Grade - University

Miraculous Ladybug Quiz

102 questions

Miraculous Ladybug Quiz

quiz

Worksheet

•

2nd Grade - University

LE-II Promotion Test

104 questions

LE-II Promotion Test

quiz

Worksheet

•

10th Grade

English final exam

105 questions

English final exam

quiz

Worksheet

•

12th Grade

Penta Criminal Justice CPO Exam

108 questions

Penta Criminal Justice CPO Exam

quiz

Worksheet

•

12th Grade - University

AP Psych Semester Review

105 questions

AP Psych Semester Review

quiz

Worksheet

•

10th - 12th Grade

Anatomy-Unit 5-Digestive System Review-Honors

105 questions

Anatomy-Unit 5-Digestive System Review-Honors

quiz

Worksheet

•

11th - 12th Grade