Wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Demand and supply

Total questions: 90

Worksheet time: 54mins

Name
Class
Date
1.

Identify the cause of an increase in quantity supplied

a)

An increase in the price of the product

b)

A decrease in the price of the product

c)

An increase in the costs of production

d)

A decrease in the costs of production

2.

Identify the impact an increase in the price would have on demand for cupcakes

a)

An increase in demand for cupcakes

b)

A decrease in demand for cupcakes

c)

An increase in the quantity demanded of cupcakes

d)

A decrease in the quantity demanded of cupcakes

3.

Identify the graph that illustrates an increase in supply

a)
b)
c)
d)
4.

Identify the graph that illustrates an increase in quantity demanded

a)
b)
c)
d)
5.

Identify the graph that illustrates the impact of an increase in advertising

a)
b)
c)
d)
6.

Identify the graph that illustrates the impact of a decrease in costs of production

a)
b)
c)
d)
7.

Identify the graph that illustrates the impact of an increase in technology in production

a)
b)
c)
d)
8.

Identify the cause of an increase in demand for pancakes

a)

An increase in advertising for pancakes

b)

An increase in the cost of producing pancakes

c)

Incomes of consumers decrease

d)

Pancakes become less desirable

9.

Identify the impact on the demand for cupcakes if the price of pancakes increases.

a)

Demand for cupcakes will decrease

b)

Demand for cupcakes will increase

c)

The quantity demanded for cupcakes will decrease

d)

The quantity demanded for cupcakes will increase

10.

From an economic perspective, cupcakes and pancakes could be considered to be...

a)

Delicious

b)

Complementary Goods

c)

Substitute goods

d)

Merit goods

11.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
12.
Which way does a supply curve slope?
a)
down
b)
up
c)
both
d)
neither
13.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
14.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
15.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
16.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
17.
The diagram represents a
a)
increase in demand
b)
decrease in demand
18.

What factor could have caused the demand to decrease for AFL football?

a)
incomes increased
b)

soccer is less popular

c)

a decrease in the price of a soccer tickets and membership

d)
increase in market size
19.

The diagram represents. - when the Adelaide Crows are successful and winning

a)
increase in demand
b)
decrease in demand
20.

A situation in which the quantity supplied is greater than the quantity demanded is

a)

a shortage

b)

a surplus

c)

a price floor

d)

a price ceiling

21.

A situation in which quantity demanded is greater than quantity supplied is

a)

a shortage

b)

a surplus

c)

a price floor

d)

a price ceiling

22.

Market forces are best described as

a)

supply and demand determining prices

b)

the government set a minimum price for corn so farmers can make more money

c)

the government setting a maximum price on gas so people can save money

d)

a group of buyers and sellers for a particular good or service

23.

Which of the following demonstrates price equilibrium?

a)
b)
c)
d)
24.

Which of these demonstrates a surplus of goods?

a)
b)
c)
d)
25.

Which of these demonstrates a shortage of goods?

a)
b)
c)
d)
26.

Which of these best defines equilibrium in a market?

a)

a situation in which quantity supplied is greater than quantity demanded

b)

a situation in which quantity demanded is greater than quantity supplied

c)

a situation in which quantity supplied and quantity demanded are equal

d)

a situation where a minimum price is set

27.
Which of the following is NOT a determinant of the supply of peanut butter?
a)
The price of peanuts 
b)
The wages of peanut butter factory workers 
c)
The income of peanut butter consumers
d)
Existing peanut butter making technology
28.
Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
a)
Supply for gasoline will decrease 
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
29.

Corn crops are very plentiful over the course of the year and there is more corn than people would normally buy. To get rid of the excess supply, farmers need to ________________ .

a)

increase the price of corn

b)

plant a different crop

c)

lower the price of corn

d)

plant more corn

30.

There is a drought and very few strawberries are available. More people want strawberries than there are berries available. The price of strawberries __________________.

a)

decreases dramatically

b)

stays the same

c)

increases dramatically

d)

goes down

31.

A huge wave of new, unskilled workers come to a city and all of the workers are willing to take jobs at low wages. Because there are more workers than there are available jobs, the excess supply of workers makes wages _______________ .

a)

go down

b)

go up

c)

stay the same

d)

increase dramatically

32.

Corn crops are very plentiful over the course of the year and there is more corn than people would normally buy.


In economics, what is this called?

a)

a shortage

b)

oversupply

c)

underdemand

d)

a surplus

33.

There is a drought and very few strawberries are available. More people want strawberries than there are berries available.


There is a _____________________ of strawberries.

a)

undersupply

b)

oversupply

c)

surplus

d)

shortage

34.

A popular artist dies and, thus, he obviously will be producing no more art. Demand for his art ________________ as people want to purchase the few pieces that exist.

a)

increases

b)

is in surplus

c)

decreases

d)

goes down

35.

A cultural fad item that was all-the-rage for a period of time falls out of favour and is no longer "cool." Demand for the item _____________________ as it is no longer the must-have item of the season.

a)

increases

b)

decreases

c)

shows a shortage

d)

is in surplus

36.

A new restaurant opens up in town and gets great reviews. There are only 12 tables in the restaurant but everyone wants to get a reservation. Demand for the reservations ______________________.

a)

goes up

b)

goes down

c)

doesn't change

d)

affects supply

37.

A company sets the price of its product at $10.00. No one wants the product, so the price is lowered to $9.00. Demand for the product _______________________ at the new lower price point and the company begins to make money and a profit.

a)

stays the same

b)

decreases

c)

goes down

d)

increases

38.

At some point, too much of a demand for the product will cause the supply to decrease. As a result, prices will ___________. The product will then become too expensive, demand will go down at that price and the price will fall.

a)

stabilise

b)

go down

c)

increase

d)

stay the same

39.

Supply and demand should reach ________________. The amount of goods being supplied is the same as the amount demanded and resources are allocated efficiently.

a)

a stabilisation

b)

an inverse relationship

c)

an equal point

d)

an equilibrium

40.

When supply of a product goes up, the price of a product ___________________ and demand for the product can rise because it costs loss.

a)

goes down

b)

goes up

c)

increases

d)

stay the same

41.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
42.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
43.

a person or company that makes, grows, or supplies goods to sell is called the?

a)

demand

b)

price

c)

producer

d)

shortage

44.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
45.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
46.
An individual or group who purchases goods.
a)
producer
b)
consumer
c)
goods
d)
services
47.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
48.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
49.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
50.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
51.
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
52.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
53.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
54.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
55.
Which of the following is likely to increase the demand for peanut butter?
a)
Fewer children in the population
b)
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
c)
A big increase in the price of jelly.
d)
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
56.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
57.
The movement from Point A to Point B represents a(n)
a)
increase in the price.
b)
decrease in the quantity supplied.
c)
shift in the supply curve.
d)
Both Orange and Blue are correct.
58.
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
59.
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
60.
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.
61.
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.
62.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
63.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
64.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
65.

Farmers in Queensland 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.

66.

Cold weather in South Australia 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.

67.
 Giving a haircut
a)
example of scarcity
b)
example of a service
c)
example of a good
d)
example of a consumer
68.

When the demand curve shifts to the left, this suggests demand has

a)

increased

b)

decreased

c)

Quantity demanded has increased

d)

Quantity demanded has decreased

69.

When the demand curve has shifted to the right, this suggests demand has

a)

increased

b)

decreased

c)

quantity demanded has increased

d)

quantity demanded has increased

70.

Much of the tea in the Australia. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the Australia?

a)

Supply would increase

b)

Supply would Decrease

c)

Supply would stay the same

d)

India is not a real country

71.

If a wave of NSW immigrants migrated to Victoria, how might this affect the demand for NSW goods in the region?

a)

Demand would increase

b)

Demand would decrease

c)

Demand would be unchanged

d)

Quantity Demanded would increase

72.

Mr Hayes goes to the ticket booth to buy tickets for a Bombers game. Mr. Hayes is told that the game is sold out and no tickets are available. Which best explains why there are no football tickets available?

a)

The arena forgot to print enough tickets.

b)

The supply of tickets was greater than the demand.

c)

The arena charged too much money for each ticket.

d)

The demand for tickets was greater than the supply.

73.

Which statement expresses a central idea of how the laws of supply and demand work?

a)

The government sets the prices for goods and services.

b)

Prices are determined by the interaction of producers and consumers.

c)

Consumers alone determine the prices for goods and services.

d)

Technology dictates the prices charged for goods and services.

74.

Refer to Graph 4-1. The movement from point A to point B on the graph shows

a)

a decrease in demand.

b)

an increase in demand.

c)

an increase in quantity demanded.

d)

a decrease in quantity demanded.

75.

Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?

a)

$7, 20.

b)

$7, 60.

c)

$5, 40.

d)

$3, 60.

76.

Refer to Graph 4-5. According to the graph, What occurs at a price of $7?

a)

there would be a shortage of 40 units.

b)

there would be a surplus of 40 units.

c)

there would be a surplus of 20 units.

d)

the market would be in equilibrium.

77.

Refer to Table 4-2. In the table shown, what would be the result if the price were $8?

a)

a surplus of 30 units would exist and price would tend to fall.

b)

a surplus of 60 units would exist and price would tend to rise.

c)

a surplus of 60 units would exist and price would tend to fall.

d)

a shortage of 30 units would exist and price would tend to rise.

78.
Read the following situation to answer the question:

The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?
a)
The price will rise.
b)
The price will stay the same.
c)
The price will fall.
79.
A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249.

What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
a)
The price will go up for the new year then fall.
b)
Sellers will lower their prices when the demand for the video game slows.  
c)
The price for the video game will remain at $249.
d)
The price will rise since since the games manufacturer will refuse to produce anymore.
80.

Which statement describes the law of demand?

a)

As prices rise, quantity demanded decreases

b)

As prices rise, demand decreases.

c)

As prices fall, quantity demanded decreases.

d)

As prices fall, demand decreases.

81.

Which is an example of the Law of Demand at work?

a)

The price of the pizza goes up when the price of cheese goes up.

b)

Demand for pizza goes down when tacos become more popular

c)

The price of pizza falls when the demand for pizza falls

d)

Demand for pizza rises when the price of pizza falls

82.

The law of supply says that as prices go _______________, producers will make ______________ or their product.

a)

up ..... less

b)

down ..... more

c)

up ..... more

83.

The law of demand says that as prices go ________________, consumers buy _______________ of that product.

a)

down .... less

b)

down .... more

84.

To return to equilibrium, price would need to:

a)

Increase

b)

Decrease

c)

Stay the same

d)

Shift demand curve

85.

At this price:

a)

Low prices encourage buyers but discourage sellers

b)

High prices encourage sellers but discourage buyers

c)

The market is stable

d)

Buyers can find goods at equilibrium price

86.

An observer of this graph would call this a(n):

a)

Surplus

b)

Shortage

c)

Qd = Qs

d)

Shift in supply

87.

At this price:

a)

High prices encourage producers but discourage buyers

b)

Low prices encourage buyers but discourage sellers

c)

Market for a good is stable

d)

Sellers can find buyers for their goods

88.

According to this schedule, the equilibrium price for pizza is:

a)

$3

b)

$2

c)

$1

d)

$6

89.

At $1 there is a(n):

a)

Shortage

b)

Surplus

c)

Equilibrium

d)

Overload

90.

Every price higher than $3 would represent a(n):

a)

Surplus

b)

Shortage

c)

Equilibrium price

d)

Input cost

Similar Resources on Wayground

Revolution

95 questions

Revolution

quiz

Worksheet

•

9th - 12th Grade

Road to .....And American Revolution

86 questions

Road to .....And American Revolution

quiz

Worksheet

•

6th Grade - University

W!SE Practice Test Questions

93 questions

W!SE Practice Test Questions

quiz

Worksheet

•

9th - 12th Grade

Civics Final Practice

88 questions

Civics Final Practice

quiz

Worksheet

•

9th - 12th Grade

Government MCAP Review (2023)

88 questions

Government MCAP Review (2023)

quiz

Worksheet

•

10th Grade

The Marshall Plan

93 questions

The Marshall Plan

quiz

Worksheet

•

8th Grade - University

United States Geography Quiz

86 questions

United States Geography Quiz

quiz

Worksheet

•

3rd Grade - Professio...

Early Colonies

86 questions

Early Colonies

quiz

Worksheet

•

9th - 11th Grade