NEW
Font size
WorksheetsEcon Quiz 2024
Total questions: 25
Worksheet time: 22mins
How much of a good or service a producer (a business) is able and willing to make for sale to consumers is
demand
supply
supply and demand
competition
Why would a producer want to make more of something when prices rise?
To make less money
They enjoy their jobs
Profit
Supply
As the price of a good or service falls due to lack of demand, producers will
make more of it
change their business
profit
make less of it
Which is NOT a factor that can change supply
taxes
population
technology
competition
New technology will lead to
An increase in supply
A decrease in supply
technology does not impact supply
Supply can be shown on a
Supply Schedule Chart
Supply Curve
Demand Curve
Both a supply schedule chart and a supply curve
The law of supply says
when the price of a good or service rises, the producer (the business) will want to make or produce less of that good
when the price of a good or service rises, the producer (the business) will want to make or produce more of that good
when the price of a good or service decreases, the producer (the business) will want to make or produce more of that good
when the price of a good or service decreases, the producer (the business) will want to make or produce another good
What does a demand curve show?
The total revenue of a company
The relationship between supply and demand
The quantities of a product purchased at different prices
The maximum price a consumer is willing to pay
What is the law of demand?
Consumers buy more at higher prices
Demand remains constant regardless of price
Price has no effect on quantity demanded
Consumers buy more at lower prices
If the price of tacos at Taco Bell decreases, then the quantity demanded of tacos will ____
increase
decrease
stay the same
cannot be determined
What determines the prices of goods and services?
Supply
Demand
Supply and demand
Goods
What exists when quantity supplied is greater than quantity demanded?
Surplus
Shortage
Overflow
Mass outrage
A market is said to be in equilibrium when
when demand is higher than the supply
when demand is lower than the supply
when the demand and supply quantities are equal
when the supply is doubled the demand
the price at which a good is bought and sold in a market equilibrium is called
retail price
equilibrium price
discount price
base price
Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...
shortage
surplus
equilibrium
supply
What happens to price when the market has a surplus
price drops
price stays the same
price increases
price triples
What is the price ceiling?
The minimum price allowed set by the government
The maximum price allowed set by the government
The highest price on the market
An overhead interior surface
What do we call the point labeled "A" in this graph?
equilateral
equine
equilibrium
equidistant
What would result if the price were set at $1.75
Surplus, Quantity Supplied is greater
Shortage, Quantity Demanded is greater
Quantity Supplied = Quantity Demanded
$1.75
