Worksheetseconomics unit 3 quiz
Total questions: 21
Worksheet time: 11mins
Which of the following would NOT change Demand
the price of related goods
income
tastes
the prices of the resources used to create the good
Suppose you like banana cream pie made with vanilla pudding. Assuming all other things remain the same, you notice that the price of bananas is higher. How would your demand for vanilla pudding change?
It would decrease
It would increase
It would be unaffected
There is NOT enough information given to answer the question
A higher price for batteries would tend to
Increase the demand for flashlights
Decrease the demand for Flashlights
Increase the demand for electricity
Increase the demand for batteries
What will happen in the rice market if buyers are expecting higher prices in the near future?
The demand for rice will increase
The demand for rice will decrease
The demand for rice will be unaffected
The supply of rice will increase
Refer to the Graph: the movement from point A to point B on the graph shows
a decrease in demand
an increase in demand.
an increase in the quantity demanded
a decrease in the quantity demanded
Other things equal, when the price of a good rises, the quantity supplied of the good also rises. This is
the law of increasing costs
the law of diminishing returns
the law of supply
the law of demand
On the graph, the movement from S to S 1 could be caused by
a decrease in the price of the good
an increase in income
an improvement in technology
an increase in input prices.
If, at the current price, there is a shortage of a good
the price is below the equilibrium price
the market can be in equilibrium
sellers are producing more than buyers wish to buy
All of the above answers are correct
According to the graph, the equilibrium price and quantity are
$7, 20
$7, 60
$5, 40
$3, 60
According to the graph, at a price of $7
there would be a shortage of 40 units
there would be a surplus of 40 units
there would be a surplus of 20 units
the market would be in equilibrium
In the table shown, if the price were $8
a surplus of 30 units would exist and the price would tend to fall
a surplus of 60 units would exist and price would tend to rise
a surplus of 60 units would exist and the price would tend to fall
a shortage of 30 units would exist and prices would tend to rise
If the price is $15, the quantity supplied would be
200
400.
500
700
At a price of $20
the market would be in equilibrium
600 units would be bought and sold
there would be no pressure for the price to change
All of the above are true
When there is a shortage in a market
The Price is too low
The Price is too high
The market could still be in equilibrium
Quantity demanded equals quantity supplied
Holding everything else constant, a change in price would
result in a change in the supply
result in a movement along a non moving supply curve
result in a shift of demand
have no effect on the quantity supplied
when the supply curve for gasoline shifts from S 1 to S 2
the price will increase to P3
a surplus will occur at the new market price of P2
the market price will stay at P1 due to the price ceiling
a shortage will occur at the price ceiling of P2
An effective price ceiling is shown in
panel (a)
panel (b)
both panel (a) and panel (b)
neither panel (a) nor panel (b)
at what Price would you make the most money?
$1
$.25
$1.50
$2.75
The more elastic the Demand for a product is
the more likely it is to have shifts in Demand if the Price was to change
The Less Likely it is to have shifts in Demand if the Price was to change
The more likely it is to have shifts in Supply if the Price was to change
The less likely it is to have shifts in Supply if the Price was to change
The less elastic the Demand for a product is
the more likely it is to have shifts in Demand if the Price was to change
The Less Likely it is to have shifts in Demand if the Price was to change
The more likely it is to have shifts in Supply if the Price was to change
The less likely it is to have shifts in Supply if the Price was to change
A Surplus is when
The Price is lower than the equilibrium
The Price is higher than the equilibrium
The demand is less than the supply
The demand meets the supply
