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Supply and Demand

Total questions: 29

Worksheet time: 58mins

Name
Class
Date
1.

Which statement BEST defines a regional exchange?

a)

The purchase of a good when the producer is in one grand division and the consumer is in another.

b)

The purchase of a good when both the producer and consumer are located in the same town.

2.

Why do producers and cosumers have to make choices?

a)

because they have limited resources and limited wants

b)

because they have unlimited resources and unlimited wants

c)

because they have limited resources and unlimited wants

3.

What stops people from having all the goods they want?

a)

unlimited resources

b)

demand

c)

unlimited wants

d)

scarcity

4.

What will MOST likely happen if the price of peanut butter decreases?

a)

Consumers will buy less

b)

Consumers will buy more

c)

Consumers will buy the same amount

5.

The amount of a good people want describes

a)

supply

b)

demand

c)

both

6.

"determines price" describes

a)

supply

b)

demand

c)

both

7.

"producers control this" describes

a)

supply

b)

demand

c)

both

8.

"consumers control this" describes

a)

supply

b)

demand

c)

both

9.

"the amount of goods available" describes

a)

supply

b)

demand

c)

both

10.

Why might the price of a good increase?

a)

There is an increase in supply.

b)

There is a surplus of the good.

c)

There is a decrease in demand.

d)

There is a shortage of the good.

11.

Which of these examples is a local exchange?

a)

A woman in West Tennessee buys vegetables from a vegetable stand in her community.

b)

A man in East Tennessee buys maple syrup made in Vermont from the grocery store in his town.

12.

If a drought kills half the soybean crop, what will happen to the price of soybeans?

a)

It will decrease

b)

It will stay the same.

c)

It will increase.

13.

Which statement correctly describes how the U.S. economy works? (choose 2)

a)

Producers decide what goods and services to provide based on price.

b)

Consumers decide what goods and services to buy based on price.

c)

The government decides what goods and services producers will provide.

14.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
15.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
16.
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.
17.
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.
18.
What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high.  What will happen to the price of the card?
a)
The price will go up.
b)
The price will go down.
19.
The new Star Wars movie is coming out today!  All of the shows are sold out, but your neighbor is selling his tickets because he can't go.  A lot of people in your neighborhood want to buy the tickets.  What will happen to the price of the tickets?
a)
The price will go up.
b)
The price will go down.
20.
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
21.
What are goods?
a)
items found under a rug
b)
items found in the ocean
c)
items that are made and grown
d)
Work that is done for someone else
22.
What are services?
a)
Work that someone does for someone else
b)
Items that are made or grown
c)
Something that is not real
d)
Something that is used to do work for someone else
23.
What is a consumer?
a)
Someone who makes or grows goods or offers services
b)
someone who makes products
c)
Something that grows in nature
d)
Someone who buys goods and services
24.
What is a producer?
a)
Someone who makes or grows goods or offers services
b)
someone who eats potato chips
c)
someone who buys and goods and services
d)
someone who shops at the store
25.
Which is an example of a natural resource? 
a)
Computer
b)
Water
c)
Counting Money 
26.
What happens when the demand goes up?
a)
Price increases
b)
Price drops
c)
price stays the same
27.
Scarcity is when there is not enough supply of a good.
a)
True
b)
False
28.
Which is an example of an event that may 
cause scarcity?
a)
Oil has been discovered in the Arctic Ocean.
b)
New kinds of cell phones are going on sale.
c)
Bad weather caused orange crops to freeze.
29.
When would the price of a bicycle go up?
a)
Many stores are selling bicycles
b)
more bicycles are made than are sold
c)
people want more bicycles than are available

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