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WorksheetsSupply and Demand Quiz
Total questions: 10
Worksheet time: 5mins
What is supply in economic terms?
The amount of goods sellers have
The relationship between the price of a good and how much sellers want to sell
The amount of goods consumers want
The relationship between the price of a good and how much consumers want to buy
What is demand in economic terms?
The relationship between the price of a good and how much consumers want to buy
The relationship between the price of a good and how much sellers want to sell
The amount of goods consumers want
The amount of goods sellers have
What happens to demand if the price of a good increases?
Demand becomes zero
Demand remains constant
Demand decreases
Demand increases
What happens to supply if the price of a good increases?
Supply remains constant
Supply increases
Supply decreases
Supply becomes zero
Who first described the phenomenon of supply and demand?
John Locke
James Steuart
Adam Smith
John Stuart Mill
What is the equilibrium price?
The price at which the quantity demanded by consumers is greater than the quantity supplied by producers
The price at which the quantity demanded by consumers is less than the quantity supplied by producers
The price at which the quantity demanded by consumers is equal to the quantity supplied by producers
The price at which the quantity demanded by consumers is zero
What happens when the system of supply, demand, and price is interfered with?
We get shortages
Demand increases
Supply increases
Nothing changes
What was the result of the US federal government’s price controls on natural gas in the 1960s and '70s?
Supply of natural gas increased
Demand for natural gas decreased
Natural gas became more profitable
Natural gas shortages occurred
What is the principle of supply and demand?
A constant relationship between price and quantity
A fixed amount of goods in the market
An evolving relationship between price and quantity
A fixed amount of demand from consumers
What is the likely equilibrium price of a loaf of sourdough bread in a city or country?
$2 per loaf
$100 per loaf
$1 per loaf
$3 per loaf
