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WorksheetsVOTE Quiz #4 Chapter 5
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
The law of demand states that if the price of CD’s rise, consumers will
a)
Buy more CDs
b)
Buy fewer CDs
c)
Quantity demanded will not change
2.
The law of supply states that if the price of CD’s rise, suppliers will
a)
Supply more CDs
b)
Supply fewer CDs
c)
Quantity supplied will not change
3.
Which of the following is NOT a determinant of the supply of peanut butter?
a)
The price of peanuts
b)
The wages of peanut butter factory workers
c)
The income of peanut butter consumers
d)
Existing peanut butter making technology
4.
What does a “surplus” (extra amount) of goods in a market imply?
a)
Prices are too high
b)
Prices are too low
c)
Supply is too low
d)
Demand is too high
5.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
6.
Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
a)
Supply for gasoline will decrease
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
7.
Price signals tell us about consumers ...
a)
wants.
b)
spending power.
c)
credit position.
d)
cash position.
8.
the part of Capitalism that naturally made for low prices and high quality
a)
Competition
b)
Government control
c)
Guilds
d)
Fixed wealth
9.
what provides for the needs of society in Capitalism?
a)
Invisible Hand
b)
Foot Binding
c)
Copper Hand
d)
Mercantilism
10.
Which broad social goal is important in a market system but not as important in a centrally-planned (command) one?
a)
Equity
b)
Efficiency
c)
Security
d)
Stability
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