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Demand and Supply

Total questions: 50

Worksheet time: 38mins

Name
Class
Date
1.
In general, if the price of a good or service goes down, what happens to the demand for that good or service?
a)
demand goes up
b)
demand stays the same
c)
demand goes down
d)
none of the above
2.
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.
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.
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
5.
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
6.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
7.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
8.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
9.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
10.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
11.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
12.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
13.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
14.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
15.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
16.
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.
17.
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.
18.
What does this graph show?
a)
Shortage
b)
Surplus
c)
Supply Table
d)
Equilibrium
19.
If a price floor was set at 320, what quantity would be purchased?
a)
20
b)
40
c)
60
d)
80
20.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
21.
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.
22.
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
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.

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

25.

Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. 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

26.

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

a)

There is a change in cost of production.

b)

The number of producers changes.

c)

The expectations of consumers changes.

d)

The output rate declines.

27.

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.

28.
When companies compete in a market economy, what is usually the result?
a)
Consumers are able to buy goods for the best available price.
b)
People pay much higher prices for goods.
c)
There are frequent shortages of goods on the market.
d)
Producers refuse to sell some of their products.
29.

Which of the following would NOT be a determinant of demand?

a)

The price of related goods

b)

Income

c)

Tastes

d)

The prices of the inputs used to produce the good

30.

If the price of a substitute to good X increases, then

a)

The demand for good X will increase.

b)

The market price of good X will decrease.

c)

The demand for good X will decrease.

d)

The demand for good X will not change.

31.

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.

32.

What does the Latin phrase Ceteris paribus literally mean?

a)

"other things being equal."

b)

"after this therefore because of this."

c)

"to respond slowly to a change in price."

d)

"There's no such thing as a free lunch."

33.

What best refers to the situation when the price of a good or service changes?

a)

there is a movement along a stable demand curve.

b)

demand shifts in the opposite direction.

c)

demand shifts in the same direction.

d)

supply shifts in the opposite direction.

34.

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.

35.

Other things equal, when the price of a good rises, the quantity supplied of the good also rises. What best refers to this situation?

a)

The law of increasing costs.

b)

The law of diminishing returns.

c)

The law of supply.

d)

The law of demand

36.

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.

37.

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.

38.

Refer to Table 4-2. In the table shown, what would be the result if the price were $8?

a)

a surplus of 30 units would exist and price would tend to fall.

b)

a surplus of 60 units would exist and price would tend to rise.

c)

a surplus of 60 units would exist and price would tend to fall.

d)

a shortage of 30 units would exist and price would tend to rise.

39.

Market forces are best described as

a)

supply and demand determining prices

b)

the government set a minimum price for corn so farmers can make more money

c)

the government setting a maximum price on gas so people can save money

d)

a group of buyers and sellers for a particular good or service

40.

A situation in which a minimum price is set is referred to as

a)

a shortage

b)

a surplus

c)

a price ceiling

d)

a price floor

41.

A situation in which a maximum price is set is referred to as

a)

a shortage

b)

a surplus

c)

a price ceiling

d)

a price floor

42.

Which of the following demonstrates price equilibrium?

a)
b)
c)
d)
43.

Which of these demonstrates a surplus of goods?

a)
b)
c)
d)
44.

Which of these demonstrates a shortage of goods?

a)
b)
c)
d)
45.

A presidential candidate promises that if elected, they will ensure that nobody will spend more than 20% of their monthly income on housing. What concept is this candidate promising?

a)

housing equilibrium

b)

a housing surplus

c)

a housing price floor

d)

a housing price ceiling

46.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
47.
What is the Equilibrium Quantity?
a)
50
b)
60
c)
70
d)
80
48.
Which way does a supply curve slope?
a)
down
b)
up
c)
both
d)
neither
49.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
50.
How Many cup holders are producers willing to supply at a price of $3.00?
a)
3,000
b)
4,000
c)
5,000
d)
7,000

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