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Supply & Demand

Total questions: 105

Worksheet time: 3hrs 38mins

Name
Class
Date
1.
What happened to the Eq and Ep if: a storm destroys all Alaskan oil drills?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
2.
What happened to the Eq and Ep of Meijer french fries if: the price of Ore Ida tater tots went down?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
3.
What happened to the Eq and Ep of if: american income increased 10%?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
4.
What happened to the Eq and Ep of if: workers go on strike?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
5.
What happened to the Eq and Ep of if: new production technology is invented?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
6.
What happened to the Eq and Ep of computers if: price of processors decreased?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
7.
What happened to the Eq and Ep of peanut butter if: price of jelly increased?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
8.
What happened to a supply curve when supply goes down?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
9.
What happened to a demand curve when demand goes down?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
10.
What happened to a demand curve when demand goes up?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
11.
What happened to a supply curve when supply goes up?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
12.
What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
a)
surplus
b)

shortage

c)
equilibrium price
d)
subsidy
13.
What determines price & quantity produced of goods?
a)
supply
b)
demand
c)
consumers
d)
supply & demand
14.
What is a government payment for certain actions?
a)
tax
b)
profit
c)
tariff
d)
subsidy
15.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
16.
Land prices are increasing too much, what would the government do? 
a)
Use a price floor
b)
Use a price ceiling
c)
Do nothing
d)
Offer subsidies to sellers
17.
Beef prices are decreasing way too far, what would the government do? 
a)
Use a price floor
b)
Use a price ceiling
c)
Do nothing
d)
Offer subsidies to sellers
18.

If the government set the price at $3 what would it be?

a)

a price floor

b)

a price ceiling

c)

a surplus

d)

equilibrium

19.
If the government set the price at $8 what would it be?
a)
a price floor
b)
a price ceiling
c)
a shortage
d)
equilibrium
20.
If the price is set at $5 what would it be?
a)
a price floor
b)
a price ceiling
c)
a shortage
d)
equilibrium
21.
What factor would change and how if number of buyers decreased
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
22.
What factor would change and how if input costs decrease?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
23.
What factor would change and how if substitute price increased?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
24.
What factor would change and how if company could make more money on different product?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
25.
What factor would change and how if government creates new pollution regulations?
a)
Demand increase
b)
Demand decrease
c)
Supply increase
d)
Supply decrease
26.

As Supply decreases, Demand ___________

a)

Increases

b)

Decreases

c)

Stays the same

d)

Is not affected by Supply

27.

As Supply decreases, Demand ___________

a)

Increases

b)

Decreases

c)

Stays the same

d)

Is not affected by Supply

28.

As Supply increases, Demand ___________

a)

Increases

b)

Decreases

c)

Stays the same

d)

Is not affected by Supply

29.

When Apple releases a new product and everyone is running to the stores to purchase the product, what financial term respects the condition of the Supply of products that are in high demand but low supply?

a)

Surplus

b)

Excess demand

c)

Shortage

d)

Equilibrium

30.

When Casey’s ordered three extra crates of Pepsi products by accident and offers a Buy One Get One FREE promotion, what is the term for the underlying issue?

a)

Shortage

b)

Equilibrium

c)

Break Even

d)

Surplus

31.

When there is a shortage of supply, and there is a high demand for a product, what happens to the PRICE of the product?

a)

It decreases

b)

It stays the same

c)

It increases

d)

Price is not affected by supply & demand

32.

When there is a surplus of Christmas decorations at Walmart but a low demand for these products, what happens to the price of the products?

a)

The price decreases

b)

The price stays the same

c)

The price increases

d)

Price is not affected by supply & demand

33.

Supply & Demand have what type of relationship?

a)

Similar relationship - they move in the same direction

b)

Opposing / Inverse relationship - they move in different directions

34.

PRICE and Demand have what type of relationship?


When demand for a product increases, think about what happens to the price.

a)

Similar relationship - they move in the same direction

b)

Opposing / Inverse relationship - they move in different directions

35.

PRICE and Supply have what type of relationship?


When supply for a product increases due to high demand, think about what happens to the price.


Also consider that if a business is making MORE of a certain product, what would they need to happen with the price?

a)

Similar relationship - they move in the same direction

b)

Opposing / Inverse relationship - they move in different directions

36.

1 - When we are discussing SUPPLY, who are we talking about?

2 - When we are discussing DEMAND, who are we talking about?

a)

1 - Businesses 2 - Buyers

b)

1 - Buyers 2 - Businesses

37.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
38.
a person or company that makes, grows, or supplies goods to sell is called the?
a)
damand
b)
price
c)
producer
d)
shortage
39.

The want or willingness a consumer has to purchase a good or a service is called?

a)
shortage
b)
supply
c)
price
d)
demand
40.

The amount of goods or services available for a producer to sell is called?

a)
supply
b)
demand
c)
producer
d)
consumer
41.

An individual who purchases (buy) goods.

a)
producer
b)
consumer
c)
goods
d)
services
42.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

43.

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

44.

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

a)

The price will increase

b)

The price will decrease

45.

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

a)

The price will increase

b)

The price will decarese

46.

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

a)

The price will increase

b)

The price will decrease

47.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
48.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
49.
Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.
a)
The price will go up.
b)
The price will go down.
50.
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.
51.
A farmer is a ___________ because he/she grows food to sell.
a)
producer
b)
consumer
52.
Lucas fixes his friend's sink.  He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
53.
 Giving a haircut
a)
example of scarcity
b)
example of a service
c)
example of a good
d)
example of a consumer
54.
Who buys goods or services?
a)
Producers 
b)
consumers 
55.
Jobs that people do for others?
a)
Resource
b)
Services
c)
Producers 
56.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
57.

The Law of Supply states that when price goes up, supply...

a)

goes up

b)

goes down

c)

stays the same

d)

goes away

58.

The law of demand states that when price goes up, demand...

a)

goes up

b)

goes down

c)

stays the same

d)

goes away

59.

What do you think might happen if there is a shortage of a necessity, like water during a hurricane?

4 lines
60.

Do you think the government should intervene to make sure that all people have access to basic necessities?

a)

Always

b)

Never

c)

Sometimes

61.

If the government lets producers and consumers set prices, but intervenes to make sure that basic necessities are available to all people, what type of economic system is that?

a)

Market

b)

Command

c)

Mixed

d)

Industrial

62.

If the government helped the businesses so they could help the people, it is an example of what type of mixed economy?

a)

Keynesian

b)

Supply-side

63.

If the government helped the people directly, what type of mixed economy?

a)

Keynesian

b)

Supply-side

64.

Shay is buying a house. According to the law of ​ (a)   , she would like to pay ​ (b)   . Kody is selling a house. According to the law of ​ ​ (c)   , he would like to earn ​ (d)   .

Choose from the below words
demand
$100,000
supply
$125,000
65.

Which of the following describes why surpluses are above the equilibrium price?

a)

prices above equilibrium are higher so buyers don't purchase as many

b)

prices above equilibrium are high so sellers don't produce as many

66.

Which of the following describes why shortages are below the equilibrium price?

a)

prices below equilibrium are lower so more buyers make purchases

b)

prices below equilibrium are low so sellers make more available so they will have enough for all buyers

67.

"A seller's market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage. In a seller's market, homes sell faster, and buyers must compete with each other in order to score a property." Which graph corresponds with the mrket described in the quote?

a)
b)
c)
d)
68.

Match the description of what's happening with its graph.

a)
1.

Price Increased & Quantity Demanded Decreased

b)
2.

Demand Decreased & Price Decreased

c)
3.

Demand Increased & Price Increased

d)
4.

Price Decreased & Quantity Demanded Increased

69.

Label the following

a)Equilibrium before shift
b)demand
c)decreases
d)Equilibrium after shift
1
2
3
4
1)
2)
3)
4)
70.

Match the description of what's happening with its graph.

a)
1.

Price Increased & Quantity Supplied Increased

b)
2.

Supply Decreased & Price Increased

c)
3.

Supply Increased & Price Decreased

d)
4.

Price Decreased & Quantity Supplied Decreased

71.

Which of the following would cause more people to want a product and what's pictured in the graph?

a)

a well-liked celebrity wears the product in public

b)

product makes users break out in a rash that won't go away

c)

amounts of customers' paychecks fall

d)

vacation spot has 5 shark attacks in a day

72.

Label the following

a)Equilibrium before shift
b)supply
c)increases
d)Equilibrium after shift
1
2
3
4
1)
2)
3)
4)
73.

Which of the following shows an increase in price because more buyers want the product?

a)
b)
74.

Which of the following shows what would happen if a product is proven to cause cancer?

a)
b)
c)
d)
75.

Which of the following would decrease supply & cause this to happen in a market?

a)

delivery truck breaks down

b)

cost of input goes down

c)

new equipment speeds up production process

d)

employees come to work well rested & wide awake

76.

Match the following graphs to their descriptions.

a)
1.

more buyers want a product & it becomes more expensive

b)
2.

more of an item is produced & it becomes less expensive

c)
3.

fewer people want a product & its price falls

d)
4.

less of a product is available & its price rises

77.

The higher the price, the lower the quantity that consumers are willing and able to buy or purchase, on the other hand, lower the price, the higher the quantity that consumers are willing to buy or purchase.

a)

Law of Supply

b)

Shift in Supply

c)

Law of Demand

d)

Shift in Demand

78.

Determinants Affecting Demand​ ​ (a)   ​ ​ (b)   ​ (c)   ​ ​ (d)   ​ ​ (e)  

Choose from the below words
Average Income
Size of the Market
Prices of related goods
Taste and Preferences
Special influences
79.

Determinants Affecting Supply​ ​ (a)   ​ ​ (b)   ​ (c)   ​ ​ (d)   ​ ​ (e)  

Choose from the below words
Prices of inputs/factors of production
Technology
Prices of related goods
Government policy
Special influences
80.

shows an inverse relationship between demand and price.

(a)  

81.

If the demand curve shifts right, it decreases

a)

TRUE

b)

FALSE

82.

The demand curve is downward sloping.

a)

TRUE

b)

FALSE

83.

The supply curve is downward sloping.

a)

TRUE

b)

FALSE

84.

If the supply curve shifts right, supply increases.

a)

TRUE

b)

FALSE

85.

shows direct relationship between prices and quantity supplied.

(a)  

86.

The higher the price, the higher the quantity that sellers or producers are willing and able to supply, on the other hand, the lower the price, the lower the quantity that sellers or producers are willing to and able to supply.

a)

Law of Demand

b)

Law of Supply

c)

Shift in Supply

d)

Shift in Demand

87.
This studies how individuals and societies seek to satisfy want & needs through incentives, choices and allocation of resources.
a)
scarcity
b)
economics
c)
natural resources
d)
capital resources
88.
The initiative to improve goods & services or create new ones is..........
a)
entrepreneurial resources
b)
economics
c)
human resources
d)
capital resources
89.
The knowledge, efforts, and skills people bring to their work, also known as labor.
a)
capital resources
b)
economics
c)
human resources
d)
entrepreneurial resources
90.
This exists when wants exceed resources available to satisfy those wants.
a)
economics
b)
market economy
c)
scarcity
d)
mixed economy
91.
Goods produced and used to make other goods and services.
a)
natural resources
b)
human resources
c)
entrepreneurial resources
d)
capital resources
92.
This is where people believe in doing things the same as they have always been done.
a)
market economy
b)
traditional economy
c)
mixed economy
d)
socialist economy
93.
This type of economy is run by a central government or authority.  Examples are:  China, Cuba, France, Sweden
a)
Command
b)
Market
c)
Traditional
d)
Socialist
94.
Most nations have this type of economy.  In it, the marketplace takes care of people's wants and the government takes care of their needs.The U.S. has this type.
a)
Command Economy
b)
Market Economy
c)
Mixed Economy
d)
Traditional Economy
95.
A disadvantage to the Mixed Economy is
a)
a balance of needs & wants are met.
b)
citizens have to pay taxes.
c)
marketplace takes care of people's wants.
d)
government takes care of people's needs.
96.
A supply & demand graph 
a)
would show changes in a products demand or supply.
b)
is a visual representation of supply & demand.
c)
can predict the performance of the product over time.
d)
all of the answers are correct
97.
Demand can be best defined as
a)
an individuals need or desire for a good or service at a given price.
b)
how much of a good or service is being produced.
98.
When the price is below the equilibrium price, more people are willing to buy alot of the product.
a)
false
b)
true
99.
When the price is above the equilibrium price, more people will be willing to buy.
a)
true
b)
false
100.
When the price is above the equilibrium price, fewer people would be willing to buy.
a)
true
b)
false
101.
When the demand is high
a)
fewer people will be buying the product.
b)
competitors see the opportunity and enter the marketplace.
c)
fewer people will produce the item.
d)
fewer people will buy the item.
102.
More supply causes the price to decrease as the demand is fulfilled.
a)
True
b)
False
103.
This includes the customers & locations a business wants to serve.
a)
island
b)
market
c)
supply
d)
area
104.
As prices fall for a particular good or service, the demand for that item will increase & vice-versa.
a)
Law of Supply
b)
Law of Demand
c)
Law of the Land
d)
Law of Economics
105.
As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
a)
Law of Supply`
b)
Law of Demand
c)
Law of Economics
d)
Law of Mrs. Ramsey

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