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WorksheetsExam 2: Units 4-6
Total questions: 22
Worksheet time: 11mins
What does supply refer to in the context of market forces for supply and demand?
The quantity of a good or service that consumers are willing and able to buy at various prices.
The quantity of a good or service that producers are willing and able to offer for sale at various prices.
The amount of money required to purchase a good or service.
The total number of goods available in the market.
What does demand refer to in the context of market forces for supply and demand?
The quantity of a good or service that producers are willing and able to offer for sale at various prices.
The total number of goods available in the market.
The quantity of a good or service that consumers are willing and able to buy at various prices.
The amount of money required to purchase a good or service.
How can a change in supply or demand affect the market?
It can change the equilibrium price and quantity.
It can only affect the quality of goods and services.
It can only change the preferences of consumers.
It can only affect the number of producers in the market.
What does elasticity measure in the context of supply and demand?
The maximum price of a good
The responsiveness of quantity demanded or supplied to a change in price
The quantity of a good supplied at different prices
The percentage change in quantity demanded over time
What is a supply schedule?
A list of prices for different goods
A graph showing the demand for a product
A table showing the quantity of a good supplied at different prices
A method to calculate price elasticity
What can cause movements along the supply and demand curves?
Changes in consumer preferences only
Changes in technology only
Changes in price only
Changes in factors such as input costs, technology, or consumer preferences
What can cause shifts in the supply and demand curves?
Changes in price only
Changes in factors such as input costs, technology, or consumer preferences
Movements along the curves
The responsiveness of quantity demanded or supplied
What is the difference between price ceilings and price floors?
Price ceilings set a minimum price, while price floors set a maximum price
Price ceilings and price floors both set a maximum price
Price ceilings and price floors both set a minimum price
Price ceilings set a maximum price, while price floors set a minimum price
How is price elasticity using the midpoint method calculated?
By dividing the percentage change in quantity demanded by the percentage change in price
By multiplying the percentage change in quantity demanded by the percentage change in price
By adding the percentage change in quantity demanded to the percentage change in price
By subtracting the percentage change in quantity demanded from the percentage change in price
What happens to the burden of a tax depending on the elasticity of demand and supply?
It is always passed along to the consumers
It is always passed along to the producers
It can be shifted onto consumers or producers depending on the elasticity
It does not affect consumers or producers
What is likely to happen if the price of gasoline increases?
Consumers may still need to buy it due to inelastic demand
Consumers will stop buying gasoline altogether
The quantity demanded for gasoline will increase
The price of gasoline will automatically decrease
When does a price control become binding?
When it is set at the equilibrium price
When it is set below the equilibrium price (ceiling) or above it (floor)
When the government decides to intervene in the market
When it leads to an increase in demand for the good
How is revenue calculated?
As the quantity of a good divided by the price
As the price of a good plus the quantity sold
As the price of a good multiplied by the quantity sold
As the total cost of producing the good
What are substitute goods?
Goods that are consumed together
Goods that are used in place of each other
Goods that have no relation to each other
Goods that are always sold together
Which of the following is an example of complementary goods?
Tea and coffee
Smartphones and phone cases
Bread and butter
Pens and pencils
