WorksheetsSupply and Demand Together
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Equilibrium price is
a)
any price that doesn't cause a surplus.
b)
any price that doesn't cause a shortage.
c)
the price that occurs when the quantity demanded is equal to the quantity supplied.
d)
any price that sellers decide to set.
2.
Which of the following is true when there is a shortage in the market?
a)
Prices may rise.
b)
Prices may fall.
c)
prices stay the same and producers cut production.
d)
The market is in equilibrium.
3.
If all else remains the same, a decrease in the demand for a good
a)
will increase sales.
b)
will increase the price.
c)
will decrease the price.
d)
will cause a shortage.
4.
In a free enterprise market, who or what allocates resources?
a)
producers
b)
consumers
c)
prices
d)
the government
5.
Inventory includes which of the following?
a)
supply and demand
b)
total sales
c)
stock on hand
d)
quantity sold multiplied by price
6.
Price controls
a)
decrease the amount of exchange that occurs.
b)
increase the amount of exchange that occurs.
c)
don''t really have an impact on exchange.
d)
increase the opportunities people have to make themselves better off.
7.
A legal maximum price at which a good can be sold is a
a)
price subsidy.
b)
price ceiling.
c)
price floor.
d)
equilibrium price.
8.
At the equilibrium price, which of the following is true?
a)
Buyers and sellers are satisfied.
b)
Buyers have bought everything they wanted to buy.
c)
Sellers have sold everything they wanted to sell.
d)
All of the above
9.
When there is a surplus in the market, which of the following is true?
a)
Prices may rise.
b)
Prices may fall.
c)
Prices stay the same and producers increase production.
d)
The market is in equilibrium.
10.
Which graph illustrates what would happen if candy producers are informed that the cost of sugar has doubled?
a)
graph a
b)
graph b
c)
graph c
d)
graph d
11.
Which graph reflects the impact on the market for homes as new construction companies build houses in Houston, Texas?
a)
graph a
b)
graph b
c)
graph c
d)
graph d
12.
In which two graphs did a shortage occur because of the shift in demand or supply?
a)
graphs a and b
b)
graphs a and d
c)
graphs b and c
d)
graphs b and d
13.
In which two of the graphs did a surplus occur because of the shift in demand and supply?
a)
graphs a and b
b)
graphs a and d
c)
graphs b and c
d)
graphs b and d
14.
In the graph, which area shows a surplus?
a)
area 1
b)
area 2
c)
area 3
d)
area 4
15.
In the graph, which area shows a shortage?
a)
area 1
b)
area 2
c)
area 3
d)
area 4
100 %
