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Chapter 2 DEMAND, SUPPLY, PRICING AND MARKET EQUILIBRIUM

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

DEFINITION OF DEMAND is ......

a)
the number of producers willing to supply a good or service at a given price
b)
the amount of money consumers are willing to pay for a good or service
c)
the quantity of a good or service that consumers are not willing to purchase at a given price
d)
the quantity of a good or service that consumers are willing and able to purchase at a given price
2.

DEFINITION OF SUPPLY is ........

a)
the demand for a product or service
b)
the cost of producing a product or service
c)
the amount of money available for purchase
d)
the total amount of a product or service available for purchase
3.

Which one is the Law of DEMAND?

a)
As the price of a good or service decreases, the quantity demanded for that good or service decreases
b)
As the price of a good or service increases, the quantity supplied for that good or service decreases
c)
As the price of a good or service increases, the quantity demanded for that good or service increases
d)
As the price of a good or service increases, the quantity demanded for that good or service decreases
4.

Which one is the Law of SUPPLY?

a)

As the price of a good or service increases, the quantity supplied by producers increases.

b)
The Law of Supply only applies to services, not goods.
c)
The quantity supplied by producers remains constant regardless of the price of a good or service.
d)

As the price of a good or service increases, the quantity supplied by producers decreases.

5.

DEFINITION OF PRICING is .........

a)

The amount of money that has to be paid to acquire

a given product

b)
The process of determining the weight of a product or service
c)
The process of determining the color of a product or service
d)
The process of determining the size of a product or service
6.


Point at which the quantity demanded equals the quantity supplied

a)
equilibrium
b)
disruption
c)
imbalance
d)
overload
7.

What does this curve represent?

a)

pricing

b)

supply

c)

equilibrium

d)

demand

8.

What does this curve represent?

a)

supply

b)

equilibrium

c)

pricing

d)

demand

9.

At what point is equilibrium?

answer choices

a)

$1

b)

$2

c)

$3

d)

$4

10.

WHAT IS

POSITIVE ECONOMICS?

a)
The study of what is, and how the economy works, without making judgments about whether it is good or bad.
b)
The study of negative economic impacts
c)
The evaluation of ethical economic practices
d)
The analysis of economic policies
11.

NORMATIVE ECONOMICS is ..................

a)
Studies the impact of supply and demand
b)
Focuses on historical economic events
c)

The study will base future predictions on value judgments.

d)
Deals with what is
12.

Who is the person who does the production?

a)

Customer

b)

Producer

c)

Distributor

d)

Consumer

13.

Who is the person who does the consumption?

a)

Producer

b)

Trader

c)

Consumer

d)

Distributor

14.

What is an example of consumption?

a)

Security services

b)

Transportation services

c)

Selling goods

d)

Using electricity and water

15.

Which of these is not a decision which is made to solve the basic economic problem?

a)

What to produce

b)

How to produce

c)

Why to produce

d)

For whom to produce

16.

SOCIALIST ECONOMIC SYSTEM is..................

a)
an economic system where the means of production are owned by individuals
b)
an economic system based on free market principles
c)
an economic system with no government intervention
d)

an economic system in which the means of production are owned and controlled by the state or country

17.

CAPITALIST ECONOMIC SYSTEM is ........

a)
an economic system based on public ownership of the means of production
b)
an economic system based on bartering goods and services
c)
an economic system based on equal distribution of wealth
d)
an economic system based on private ownership of the means of production and the creation of goods or services for profit
18.

MIXED ECONOMIC is .........

a)
A completely capitalist economic system
b)
A completely socialist economic system
c)
An economic system based on barter trade
d)
A combination of both capitalist and socialist economic systems
19.

When quantity demand smaller than quantity supply the price will usually?

a)

increase

b)

decrease

c)

remain the same

d)

equilibrium

20.

What is the Equilibrium Price?

a)

1

b)

2

c)

3

d)

4

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