WorksheetsSupply and Demand Quiz
Total questions: 21
Worksheet time: 11mins
Name
Class
Date
1.
Fill in the blank:
The _______________ price is the price where supply and demand is balanced.
a)
surplus
b)
shortage
c)
market
d)
equilibirum
2.
Fill in the blank:
A trade-off is where you _____________ one option or thing for another.
a)
give up
b)
sell
c)
get both
d)
find
3.
Fill in the blank:
A(n) _______________system is a nation's way of producing for wants and needs.
a)
party
b)
charity
c)
economic
d)
production
4.
Which of these are kinds of resources discussed in this Chapter?
a)
free
b)
capital
c)
false
d)
natural
5.
Which of these can increase demand from consumers?
a)
if there are more consumers
b)
if there are less consumers
c)
if the income of consumers rises
d)
if consumer preferences change
6.
Which of these are costs that where explained in lesson 2?
a)
expensive
b)
natural
c)
fixed
d)
variable
7.
What happens is producers charge too much for a product?
a)
They will have shortage
b)
They will sell all of their products
c)
They will make more of the product
d)
They will have surplus
8.
How do changing consumer preferences change demand?
a)
If consumers find out a product is harmful, demand goes up
b)
If consumers find out a product is harmful, demand goes down
c)
If consumers find a better product, demand stays the same
d)
No factors affect consumer demand
9.
How change prices be used as signals?
a)
All of the Above
b)
They let consumers know that producers aren't willing to produce at a low price
c)
They let producers know that their price is too low
d)
They let consumers know that a producer wants to get rid of older stock
e)
They let producers know if their price is too high
10.
Which of these are the basic questions people and societies must answer about production?
a)
When to produce, who to produce it, and why to produce things
b)
Who to produce, why to produce, and when to produce
c)
What to produce, how to produce it, and who to produce things for
d)
What to produce, who to produce it, and when to produce things
11.
What do you think about to make decisions in a marginal analysis?
a)
the marginal costs and marginal revenues
b)
the costs and revenues
c)
the fixed costs and the variable costs
d)
the fixed revenue and the variable revenue
12.
Which of these describes a mixed market economy?
a)
An economy where a production constantly changes to new products
b)
An economy where government and individuals make decisions on production
c)
An economy where individuals invest capital into changing markets
d)
An economy where production is decided only by individuals
13.
Which of these describes scarcity?
a)
When there are enough resources to meet everyone's wants
b)
When production is working ahead of schedule
c)
When there are not enough resources to meet everyone's wants
d)
When production is working behind schedule
14.
Reading Question:
Suppose there is a product called PF Flyers, which are shoes guaranteed to make a kid run faster and jump higher. These shoes are made of cotton, rubber, and metal. Suppose a terrible storm has damaged the cotton crop and that an accident has stopped shipments from a major rubber company. What will happen to the price of PF Flyers if everything stays the same?
a)
The price will stay the same
b)
The price will go down
c)
The price will go up
d)
The price of all shoes will go down
15.
True or False:
In a command economy, government sets prices for certain products
a)
True
b)
False
16.
True or False:
In economics, the only concern is money
a)
True
b)
False
17.
True or False:
In economics, there is very little need for math and graphs
a)
True
b)
False
18.
True or False:
In a market economy, prices are set by the interaction of producers and consumers
a)
True
b)
False
19.
True or False:
When producing, it is not important to think about who will use the finished product
a)
True
b)
False
20.
True or False:
The basic problem of economics is the problem of mixed market economies
a)
True
b)
False
21.
True or False:
Wants are near infinite, but resources are not
a)
True
b)
False
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