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WorksheetsSupply and Demand Final
Total questions: 25
Worksheet time: 6hrs 15mins
Which of the following describes the amount of a good producers are able and willing to set various prices during a certain period?
Price
Cost
Supply
Demand
How is profit calculated?
Total costs minus total revenue
Total Revenue minus total costs
Total supply plus total demand
Total demand plus total supply
Which is true about the supply curve?
As the supply quantity rises, so does the price
As the price rises, so does the supply quantity
As the price rises, so does the demand
As the cost rises, so does the demand
Increasing product supply leads to which of the following situations?
An inward shift if the demand curve
An outward shift of the demand curve
An inward shift of the supply curve
An outward shift in the supply curve
Which of the following describes the cost of producing an additional unit of good?
Marginal cost
Marginal Utility
Supply cost
Supply Utility
Which of the following is the amount of a product a consumer is willing and able to purchase at given prices?
Price
Cost
Supply
Demand
Which of the following relies the most on the health of the economy?
Builders
Manufacturers
Trade industries
Producers
Which of the following is true about the demand curve?
As the price rises, the good's demand increases
As the price rises, the good's demand decreases
As the cost rises, the good's demand increases
As the supply quantity rises, the good's demand decreases
Toothbrushes and toothpaste is an example of which of the following?
Complementary goods
Substitute goods
Shift goods
Raw goods
Which of the following measures the responsiveness of consumers to change in price?
Utility of demand
Utility of supply
Elasticity of demand
Elasticity of supply
Supply and Demand are _________ related
Not
Rarely
Inversely
Uniformly
Which of the following does the law of supply assume?
Nothing is constant
Producers try to maximize their profits
Lower price means larger quantity supplied
Higher price means larger quantity demanded
If the price of hamburgers rises, but the price of hot dogs remains the same, which are suppliers more likely to supply?
Hamburgers
Hot dogs
Which of the following measures the responsiveness of producers to a price change?
Marginal cost
Elasticity of supply
Utility
Equilibrium
When marginal cost is graphed, it creates which of the following?
Upward slope
Downward slope
Bell curve
U-shaped curve
Which term describes the level of satisfaction derived from the consumption of a good?
Marginal cost
Elasticity of supply
Utility
Equilibrium
The place where the supply curve intersects the demand curve is known as which of the following?
Marginal cost
Elasticity of supply
Utility
Equilibrium
Customer willingness depends on which of the following?
Advertising and promotion
Prices and personal financial habits
Inflation and currency conversion
All of the above
Which of the following are the beginning step in the manufacturing process?
Builder
Manufacturers
Traders
Producers
Which of the following are a good indicator of economic health and employ a significant percentage of the American workforce?
Builder
Manufacturers
Traders
Producers
An individual, business, or organization which possess a product which has not been processed at all?
Builder
Producers
Raw Good Producer
Trader industries
An individual, business, or organization which uses machines tools, and labor to process a good into a final product
Trader industries
Manufacturer
Builder
Producer
An individual, business, or organization which possesses a good which can be further processed to create a more valuable final product
Raw Goods Producer
Producer
Manufacturer
Elasticity
An individual, business, or organization which constructs buildings for both private and commercial use
Raw Goos Producer
Producer
Builder
Manufacturer
Includes building, woodworking, welding, and automotive technology
Trade industries
Elasticity
Law of Diminishing Returns
Producer
