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Supply and Demand

Total questions: 40

Worksheet time: 30mins

Name
Class
Date
1.

Identify the cause of an increase in quantity supplied

a)

An increase in the price of the product

b)

A decrease in the price of the product

c)

An increase in the costs of production

d)

A decrease in the costs of production

2.

Identify the impact an increase in the price would have on demand for cupcakes

a)

An increase in demand for cupcakes

b)

A decrease in demand for cupcakes

c)

An increase in the quantity demanded of cupcakes

d)

A decrease in the quantity demanded of cupcakes

3.

Identify the graph that illustrates an increase in supply

a)
b)
c)
d)
4.

Identify the graph that illustrates an increase in quantity demanded

a)
b)
c)
d)
5.

Identify the graph that illustrates the impact of an increase in advertising

a)
b)
c)
d)
6.

Identify the graph that illustrates the impact of a decrease in costs of production

a)
b)
c)
d)
7.

Identify the cause of an increase in demand for pancakes

a)

An increase in advertising for pancakes

b)

An increase in the cost of producing pancakes

c)

Incomes of consumers decrease

d)

Pancakes become less desirable

8.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
9.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
10.
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
11.
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
12.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
13.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
14.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
15.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
16.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
17.

When the demand curve shifts to the left, this suggests demand has

a)

increased

b)

decreased

c)

Quantity demanded has increased

d)

Quantity demanded has decreased

18.

When the demand curve has shifted to the right, this suggests demand has

a)

increased

b)

decreased

c)

quantity demanded has increased

d)

quantity demanded has increased

19.

When price increases, quantity demanded

a)

increases

b)

decreases

c)

supply would decreases, not quantity supplied

d)

supply would increase, not quantity supplied

20.

Much of the tea in the U.K. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.K.?

a)

Supply would increase

b)

Supply would Decrease

c)

Supply would stay the same

d)

India is not a real country

21.

If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region?

a)

Demand would increase

b)

Demand would decrease

c)

Demand would be unchanged

d)

Quantity Demanded would increase

22.

When price increases, quantity supplied

a)

increases

b)

decreases

23.

When price decreases, quantity supplied

a)

increases

b)

decreases

24.

If you are going to buy a new bed mattress, and the salesman tells you there will actually be a sale on mattresses in a week, what will that do to your demand for mattresses in that moment?

a)

Decrease

b)

Increase

c)

Stay the same

25.
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
26.
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
27.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods 
b)
A decrease in the price of lift tickets at resorts in Colorado 
c)
A decrease in consumer income   
d)
A decrease in the population 
28.
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
29.
The United States imports many cars from Japan. Suppose that the price of material(s) that Japan uses in making cars declines. What is the INITIAL (first) effect this will have on the Japanese car manufacturers?
a)
The input costs of Japanese made cars to the US will increase 
b)
The quantity supply of Japanese made cars sold in the US will decrease 
c)
The input costs of Japanese made cars in the US will decrease 
d)
The quantity demand of Japanese made cars sold in the US will decrease
30.

Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for petrol?

a)

Demand for petrol will decrease 

b)

Demand for petrol will increase

c)

Demand for petrol will stay the same

31.

Due to a disappointing economy, Australians are cutting back on the family vacation road trips. What happens to the market for petrol?

a)

Demand for petrol will decrease 

b)

Demand for petrol will increase

c)

Demand for petrol will stay the same

32.

Costs of producing petrol has increased due to rising energy costs. What happens to the market for petrol?

a)

Supply for petrol will decrease 

b)

Supply for petrol will increase

c)

Supply for petrol will stay the same

33.

What might happen if the demand for a new type of sneaker began rising quickly?

a)

The manufacturer would begin making fewer sneakers

b)

The sneaker company would raise the price of the sneakers

c)

People would refuse to pay more money for the sneakers

d)

The sneaker company would lower the price of the sneakers

34.

What is likely to happen if the price of a new pair of sneakers went up?

a)

Demand for the sneakers would increase

b)

Demand for the sneakers would decrease

c)

Merchants would begin offering sales on the sneakers

d)

It would be impossible to find a pair in stores

35.
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.
36.

If the price of printers goes down, what happens in the market for ink cartridges?

a)

Supply increases.

b)

Supply decreases.

c)

Demand increases.

d)

Demand decreases

37.
If the cost of computers falls, then…
a)
the demand for computers goes up.
b)
the supply of computers goes up.
c)
none of the choices
d)
the demand for computers goes down.
38.
Which of the following could cause the demand for airline travel to decrease? 
a)
The price for traveling by airplane decreases
b)
The price of traveling by airplane remains the same
c)
The price for traveling by airplane increases
d)
None of the choices
39.
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.
40.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

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