WorksheetsSupply and Demand Practice Test
Total questions: 53
Worksheet time: 38mins
Things that you can buy or sell are called:
Goods
Needs
Services
Wants
When the demand for a product or service is higher than the supply this causes what?
shortage
consumer
surplus
equilibrium
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?
The price will go up.
The price will go down.
Which statement describes the law of demand?
As prices rise, quantity demanded decreases
As prices rise, demand decreases.
As prices fall, quantity demanded decreases.
As prices fall, demand decreases.
Which explains why a supply line is upward sloping?
the Law of Demand states there is an indirect relationship between price and quantity
the Law of Supply states there is a direct relationship between price and quantity
the Law of Supply compares marginal costs and marginal benefits in a constant rate
the Law of Demand shows a positive relationship between two goods, creating the slope
Which is an example of the Law of Demand at work?
The price of the pizza goes up when the price of cheese goes up.
Demand for pizza goes down when tacos become more popular
The price of pizza falls when the demand for pizza falls
Demand for pizza rises when the price of pizza falls
The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.
Supply
Demand
Factor of Production
Production
The market equilibrium price is the price at which
surpluses depress the number of goods supplied
shortages and surpluses will have no effect on the market
the government will not intervene in the market
the quantity demanded is the same as the quantity supplied
What is the Equilibrium Price?
1
2
3
4
When there is a shortage the price will usually?
rise
fall
remain the same
equilibrium
As the price of an item goes down, the demand for it tends to go
up
down
stays the same
When the supply of something is high, the price for it is
high
low
not affected
When the supply of something is low, producers can charge
less
more
The price of something is the result of on-going negotiation between producers and consumers based on
(a)
What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?
The price will increase
The price will decrease
When price increases, quantity demanded
increases
decreases
supply would decreases, not quantity supplied
supply would increase, not quantity supplied
When price increases, quantity supplied
increases
decreases
When price decreases, quantity supplied
increases
decreases
Scarcity
When you're scared
A city in North Carolina
When there is not enough of something
Supply
An African animal
The amount of something available to be bought
Demand
How much people want to buy something
The most important person
Which illustration depics a demand curve that consists of a point, where 3 units are demanded at a price of $9
Select all that apply. The law of supply states that__________.
as price increases, supply increases
as price increases, demand decreases
as prices decrease, supply increases
as price decreases, supply decreases
Which graph depicts a supply curve?
A
B
C
D
Supply refers to the actions of _________, whereas demand refers to the actions of ________.
producers, consumers
quantities, prices
consumers, producers
prices, quantities
