Free Printable Supply and demand

1.

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

a)

demand goes up

b)

demand stays the same

c)

demand goes down

d)

none of the above

2.

Amazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?

a)

The price will go up.

b)

The price will go down.

3.

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

a)

demand goes up

b)

demand stays the same

c)

demand goes down

d)

none of the above

4.

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

a)

The price will go up.

b)

The price will go down.

5.

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

a)

The price will go up.

b)

The price will go down.

6.

The amount of goods or services available is called?

a)

supply

b)

demand

c)

producer

d)

consumer

7.

What might happen if the demand for a new type of XBOX began rising quickly?

a)

The manufacturer would begin making fewer new XBOXs

b)

Microsoft would raise the price of the new XBOXs

c)

Microsoft would stop selling the new XBOX

d)

Microsoft would lower the price of the new XBOX

8.

Which condition would lead to the highest prices?

a)

Low supply, high demand

b)

High supply, high demand

c)

High supply, low demand

d)

Low supply, low demand

9.

Which of the following could cause the demand for airline travel to decrease?

a)

The price for traveling by airplane decreases

b)

The price of traveling by airplane remains the same

c)

The price for traveling by airplane increases

d)

None of the choices

10.

If the cost of computers falls, then…

a)

the demand for computers goes up.

b)

the supply of computers goes up.

c)

none of the choices

d)

the demand for computers goes down.

11.

(Choose Two)

You want to buy a toy at the store, this is an example of _________________.

a)

supply

b)

demand

c)

goods

d)

services

12.

Supply is something that someone _________________.

a)

wants

b)

has

c)

needs

d)

likes

13.

When many people want a good or service the demand is _____________.

a)

high

b)

low

c)

normal

d)

zero

14.

A consumer is someone who ______________.

a)

buys something

b)

sells something

c)

trades something

d)

steals something

15.

A demand is something you __________.

a)

need

b)

want

c)

like

d)

sell

16.

Demand is ___________ when few people want a good or service.

a)

zero

b)

high

c)

low

d)

middle

17.

What is something that is a good that is in LOW demand in the summer?

a)

Ice Skates

b)

Surfboard

c)

Sunscreen

d)

Sandals

18.

What is a service that would be in LOW demand in the summer?

a)

Lifeguard

b)

Gardener

c)

Street Sweeper

d)

Snow Plower

19.

What is a good that is in HIGH demand in the summer?

a)

snow boots

b)

coat

c)

sunscreen

d)

gloves

20.

What service would be HIGH in the summer?

a)

policeman

b)

Ice cream truck

c)

snow removal

d)

mechanic

21.

When the supply goes higher,the demand will be______

a)

Lower

b)

Same

c)

Higher

d)

No more

22.

When the supply goes lower,the demand will be____

a)

Higher

b)

Lower

c)

No more

23.

The farmer is a _____ because they grow crops and sell

a)

Consumer

b)

Producer

c)

Animal

24.

A consumer is who ______

a)

Buy

b)

Sell

c)

Cry

d)

Draw

25.

A producer is someone who ______

a)

Buy

b)

Sell

c)

Eat

d)

Dance

26.

Many people buy present box before Christmas,the supply is low,the price will become ______

a)

Higher

b)

Lower

c)

Free

27.

Its winter,no one likes to buy short pants,the supply is high,no demand,the short pants will be ______

a)

Change into other things

b)

Selling everywhere

28.

The farmer grows many crops and sell,the crops is higher than the demand,the price will be _______

a)

Lower

b)

Higher

c)

Free

d)

999 dollars

29.

Its a sunny day,many people buy sunglasses,but there were only few sunglasses left,the price of sunglasses will be _______

a)

High

b)

Low

c)

Free

30.

Supply is ______

a)

The things available for the consumer

b)

Demand

c)

What we eat

d)

What we kick away

31.

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?

a)

The price will go up.

b)

The price will go down.

32.

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

a)

The price will go up.

b)

The price will go down.

33.

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

a)

The price will go up.

b)

The price will go down.

34.

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

a)

The price will go up.

b)

The price will go down.

35.

Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high. What will happen to the price of the cherries?

a)

The price will go up.

b)

The price will go down.

36.

Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.

a)

The price will go up.

b)

The price will go down.

37.

Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.

a)

The price will go up.

b)

The price will go down.

38.

What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high. What will happen to the price of the card?

a)

The price will go up.

b)

The price will go down.

39.

The new Star Wars movie is coming out today! All of the shows are sold out, but your neighbor is selling his tickets because he can't go. A lot of people in your neighborhood want to buy the tickets. What will happen to the price of the tickets?

a)

The price will go up.

b)

The price will go down.

40.

Amazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?

a)

The price will go up.

b)

The price will go down.

41.

Lucas fixes his friend's sink. He is providing a _____________.

a)

trade

b)

opportunity cost

c)

product

d)

service

42.

Someone who makes a product to sell is a ____________.

a)

human resource

b)

consumer

c)

producer

d)

trader

43.

A farmer is a ___________ because he/she grows food to sell.

a)

producer

b)

consumer

44.

Giving a haircut

a)

example of scarcity

b)

example of a service

c)

example of a good

d)

example of a consumer

45.

Who buys goods or services?

a)

Producers

b)

consumers

46.

Jobs that people do for others?

a)

Resource

b)

Services

c)

Producers

47.

The amount of a good or service that is available to consumers

a)

Supply

b)

Demand

c)

Saver

d)

Spender

48.

What happens to the price of objects when the demand for them decreases?

a)

The price will go down

b)

The price will go up

c)

The price will stay the same

d)

They will be free

49.

Physical items that you can touch and see are called:

a)

Goods

b)

Needs

c)

Services

d)

Wants

50.

Tasks completed for you by other people or by machines are called:

a)

Goods

b)

Needs

c)

Services

d)

Wants

51.

If there is a huge demand for an item and the supply is very low, what will happen to the price?

a)

The price will decrease

b)

The price will increase

c)

The price will stay the same.

d)

They will be free.

52.

If the price of printers goes down, what happens in the market for ink cartridges?

a)

Supply increases.

b)

Supply decreases.

c)

Demand increases.

d)

Demand decreases

53.

Generally speaking, the lower the price, the greater the quantity demand.

a)

True

b)

False

54.

For the law of demand, as price rises, what happens to quantity demanded?

a)

it goes up

b)

it goes down

c)

it stays the same

d)

it is not effected

55.

For the law of supply, as price rises, what happens to quantity supplied?

a)

it goes up

b)

it goes down

c)

it stays the same

d)

it is not effected

56.

There is only one gas station on a stretch of highway. Then two more gas stations open next to the first. Demand for gas does not change during this time. What will happen to the price of gas on this stretch of highway and why?

a)

The price of gas will decrease because there is more competition among businesses.

b)

The price of gas will decrease because there is less competition among businesses.

c)

The price of gas will increase because there is more competition among businesses.

d)

The price of gas will increase because there is less competition among businesses.

57.

Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…

a)

consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.

b)

the supply of superstar basketball players is low, while the supply of competent teachers is much larger.

c)

demand for LeBron James' talents is very high since he can generate so much revenue for a firm.

d)

all of the choices

58.

Which of the following could cause the price for automobiles to decrease?

a)

The local factory gives a big raise to its employees.

b)

None of the choices

c)

A brand new automobile dealership opens in town.

d)

The price of gasoline falls.

59.

If the cost of computers falls, then…

a)

the demand for computers goes up.

b)

the supply of computers goes up.

c)

none of the choices

d)

the demand for computers goes down.

60.

Which of the following could cause the demand for airline travel to decrease?

a)

The price for traveling by airplane decreases

b)

The price of traveling by airplane remains the same

c)

The price for traveling by airplane increases

d)

None of the choices

61.

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?

a)

The price will go up.

b)

The price will go down.

62.

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

a)

The price will go up.

b)

The price will go down.

63.

Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.

a)

The price will go up.

b)

The price will go down.

64.

The new Star Wars movie is coming out today! All of the shows are sold out, but your neighbor is selling his tickets because he can't go. A lot of people in your neighborhood want to buy the tickets. What will happen to the price of the tickets?

a)

The price will go up.

b)

The price will go down.

65.

Amazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?

a)

The price will go up.

b)

The price will go down.

66.

The amount of a good or service that is available to consumers

a)

Supply

b)

Demand

c)

Saver

d)

Spender

67.

Generally speaking, the lower the price, the greater the quantity demand.

a)

True

b)

False

68.

When the demand for a product or service is higher than the supply this causes what?

a)

shortage

b)

consumer

c)

surplus

d)

equilibrium

69.

The point where supply and demand are balanced

a)

shifters

b)

equilibrium

c)

surplus

d)

shortage

70.

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

a)

The supply probably went up.

b)

The supply probably went down.

71.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

72.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

Supply and demand

Total questions: 72

Worksheet time: 1hrs 9mins

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