Wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Supply and Demand Unit Assessment

Total questions: 42

Worksheet time: 21mins

Name
Class
Date
1.
1. When the price of a product increases, there is
a)
a. a shift in demand.
b)
b. movement along the demand curve.
c)
c. a change in elasticity of demand.
d)
d. no effect on quantity demanded.
2.
2. On the demand curve, price and quantity demanded are
a)
a. inversely related.
b)
b. directly related.
c)
c. unrelated.
d)
d. not relevant.
3.
3. During the Dust Bowl of the 1930’s, many farmers’ agricultural goods were destroyed. What happened to the market for agricultural goods?
a)
a. Increase in demand
b)
b. Decrease in demand
c)
c. Increase in supply
d)
d. Decrease in supply
4.
4. What is the Law of Supply?
a)
a. When demand goes up, supply decreases.
b)
b. Supply shifts to the right due to technology.
c)
c. When price increases, quantity supplied decreases.
d)
d. When price increases, quantity supplied increases.
5.
5. Which of the following explains the Law of Demand?
a)
a. When prices go down, people have an increased income.
b)
b. When the price of a good increases, people tend to buy substitutes instead.
c)
c. People prefer inferior goods during a recession.
d)
d. People often buy eggs and bacon together.
6.
6. Which of the following pairs of goods are substitutes?
a)
a. Jelly & Jam
b)
b. Eggs & Bacon
c)
c. Apples & Broccoli
d)
d. Mugs & Candles
7.
7. Which of the following pairs of goods are complements?
a)
a. Jelly & Jam
b)
b. Eggs & Bacon
c)
c. Apples & Broccoli
d)
d. Mugs & Candles
8.
8. When consumer income decreases,
a)
a. demand for normal goods increases.
b)
b. demand for normal goods stays constant.
c)
c. demand for inferior goods increases.
d)
d. supply for inferior goods increases.
9.
9. Assume peanut butter and jelly are complementary goods. When the price of jelly increases, what will happen to the demand for peanut butter?
a)
a. It will decrease.
b)
b. It will increase.
c)
c. It will remain constant.
d)
d. Complementary goods only affect the supply curve.
10.
10. The cost of wood increases sharply. What happens to the supply for pencils?
a)
a. It will increase due to producer expectations.
b)
b. It will decrease due to producer expectations.
c)
c. It will increase due to cost of inputs.
d)
d. It will decrease due to cost of inputs.
11.
11. War has broken out! What happens to the market for weapons?
a)
a. Supply increases due to number of producers.
b)
b. Supply increases due to changes in technology.
c)
c. Supply increases due to international events.
d)
d. Demand decreases due to government policy.
12.
12. What is market clearing price?
a)
a. QS>QD
b)
b. QD>QS
c)
c. QS=QD
d)
d. None of the above.
13.
13. Which of the following signifies a shortage?
a)
a. QS>QD
b)
b. QD>QS
c)
c. QS=QD
d)
d. None of the above.
14.
14. Which of the following signifies a surplus?
a)
a. QS>QD
b)
b. QD>QS
c)
c. QS=QD
d)
d. None of the above.
15.
15. Which of the following is an example of a fixed cost?
a)
a. Electricity
b)
b. Money
c)
c. Raw materials
d)
d. Building rent
16.
16. Which of the following is an example of a variable cost?
a)
a. Raw materials
b)
b. Profit
c)
c. Building rent
d)
d. Surplus
17.
17. What is profit?
a)
a. Revenue
b)
b. Gross Revenue
c)
c. Cost of Inputs minus Revenue
d)
d. Revenue minus Cost of Inputs
18.
18. Advances in technology, such as experienced in the automobile industry would most likely be represented by which graph?
a)
Graph A
b)
Graph B
c)
Graph C
d)
Graph D
19.
19. When supply shifts to the right, what will happen to the market equilibrium price?
a)
a. Price increases
b)
b. Price decreases
c)
c. Price remains constant
d)
d. It depends on the cause of the shift.
20.
20. When demand shifts to the right, what will happen to the market equilibrium price?
a)
a. Price increases
b)
b. Price decreases
c)
c. Price remains constant
d)
d. It depends on the cause of the shift.
21.
21. When supply shifts to the left, what will happen to the market equilibrium price?
a)
a. Price increases
b)
b. Price decreases
c)
c. Price remains constant
d)
d. It depends on the cause of the shift.
22.
22. When demand shifts to the left, what will happen to the market equilibrium price?
a)
a. Price increases
b)
b. Price decreases
c)
c. Price remains constant
d)
d. It depends on the cause of the shift.
23.
23. All of the following could potentially shift the supply curve EXCEPT
a)
input costs
b)
technology
c)
number of sellers
d)
number of buyers
24.
24. The point where supply and demand intersect is called equilibrium, or the
a)
the market clearing price
b)
supply
c)
demand
d)
opportunity cost
25.
25. Imagine the market for pizza. If the cost of wheat, used to make dough, increases then which graph would most likely occur?
a)
Graph A
b)
Graph B
c)
Graph C
d)
Graph D
26.
26. Based on the graph, if the price was set at $25, how much (quantity) would the shortage or surplus be?
a)
surplus 500
b)
surplus 600
c)
surplus 200
d)
surplus 400
27.
27. Based on the schedule, a price of $2.00 would lead to
a)
A surplus of 100
b)
A shortage of 200
c)
A surplus of 200
d)
A shortage of 100
28.
28. Based on the graph, the market clearing price is set at
a)
$2.00
b)
$1.00
c)
$2.50
d)
$3.00
29.
29. True / False : A change in price means movement along the supply curve.
a)
True
b)
False
30.
30. What is the equilibrium price & quantity?
a)
$50.; 400
b)
$30; 400
c)
$30; 600
d)
$10; 200
31.
32. At $20, how much (quantity) would the shortage or surplus be?
a)
Surplus of 400
b)
Shortage of 200
c)
Shortage of 400
d)
Surplus of 200
32.
33a. A popular social media influencer says that flip-flops are the ugliest thing to put on your feet. What happens to the market for flip-flops today?
a)
Increase in Supply
b)
Decrease in Supply
c)
Increase in Demand
d)
Decrease in Demand
33.
33a. The market for fast food has really taken a nose-dive. As a result, several fast food joints have closed their doors. What happens to the market for fast food today?
a)
Increase in Supply
b)
Decrease in Supply
c)
Increase in Demand
d)
Decrease in Demand
34.
34a. It’s Wednesday and consumers are getting ready for Black Friday. What happens to the market for TVs today?
a)
Increase in Supply
b)
Decrease in Supply
c)
Increase in Demand
d)
Decrease in Demand
35.

If the price of beef goes up, what happens to the demand for chicken, assuming chicken and beef are substitutes?

a)

The demand for chicken decreases.

b)

The demand for chicken increases.

c)

The demand for chicken stays the same.

d)

The demand for chicken goes up, then down.

36.

What does the law of demand state?

a)

If the price of a product goes up, the supply also goes up.

b)

If the price of a product goes down, the demand goes up.

c)

If the price of a product goes up, the demand stays the same.

d)

If the price of a product goes down, the supply goes down.

37.

What happens to the supply of a good if the government imposes a tax on it?

a)

The supply increases.

b)

The supply decreases.

c)

The supply remains unchanged.

d)

The supply becomes perfectly elastic.

38.

What does the Law of Supply state?

a)

As the price increases, supply decreases.

b)

As the price decreases, supply increases.

c)

As the price increases, supply increases.

d)

As the price decreases, supply remains unchanged.

39.

What does the law of supply state?

a)

As the price of a good increases, the quantity supplied decreases.

b)

As the price of a good decreases, the quantity supplied increases.

c)

As the price of a good increases, the quantity supplied increases.

d)

As the price of a good decreases, the quantity supplied remains unchanged.

40.

Which of the following would cause a shift in the supply curve for smartphones?

a)

A decrease in the price of smartphones

b)

An improvement in technology used to produce smartphones

c)

A movement along the supply curve due to a price change

d)

None of the above

41.

What is the primary factor that causes a movement along the supply curve?

a)

Changes in technology

b)

Changes in the number of suppliers

c)

Changes in the price of the good itself

d)

Changes in government policy

42.

What does the Law of Supply state?

a)

As the price decreases, the quantity supplied decreases.

b)

As the price increases, the quantity supplied decreases.

c)

As the price increases, the quantity supplied increases.

d)

There is no relationship between price and quantity supplied.

Similar Resources on Wayground

Spanish 1 Unit 2 REVIEW

41 questions

Spanish 1 Unit 2 REVIEW

quiz

Worksheet

•

9th Grade - University

CAR, GAR, ZAR verbos pretérito

44 questions

CAR, GAR, ZAR verbos pretérito

quiz

Worksheet

•

9th - 12th Grade

Executive Branch Test

37 questions

Executive Branch Test

quiz

Worksheet

•

9th - 12th Grade

Final Exam Review 2026

45 questions

Final Exam Review 2026

quiz

Worksheet

•

9th - 12th Grade

S1 Adv Ent. Review

38 questions

S1 Adv Ent. Review

quiz

Worksheet

•

9th - 12th Grade

Physical Activity and Fitness Test R1

37 questions

Physical Activity and Fitness Test R1

quiz

Worksheet

•

9th - 12th Grade

Digital Design Graphics - Unit 1 Review

37 questions

Digital Design Graphics - Unit 1 Review

quiz

Worksheet

•

9th - 12th Grade

(BIL) Unit 4: Public Opinion and Voting

38 questions

(BIL) Unit 4: Public Opinion and Voting

quiz

Worksheet

•

9th - 12th Grade