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Deman and Supply Quiz

Total questions: 123

Worksheet time: 2hrs 33mins

Name
Class
Date
1.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
2.
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
3.
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.
4.
What a business has left after all the bills have been paid?
a)
supplies
b)
taxes
c)
profit
d)
debt
5.

Which of the following is not considered as a market?

a)
b)
c)
d)
6.

It refers to a consumer's desire to purchase goods and services.

a)

Supply

b)

Market

c)

Demand

d)

Service

7.

According to the law of demand, as price goes up, the quantity demanded goes _________. As price goes down, quantity demanded goes ___________.

a)

down, up

b)

up, down

c)

down, the same

d)

the same, up

8.

What do you call the orange line in the picture above?

a)

supply curve

b)

supply line

c)

demand curve

d)

Equilibrium price

9.

What do you call the point where the two curves intersect?

a)

supply point

b)

demand and supply point

c)

Equilibrium point

d)

Equal curve point

10.

It is the total amount of a specific good or service that is available to consumers.

a)

demand

b)

supply

c)

Equilibrium price

d)

Supply curve

11.

What do you call the blue line that rises from right to left in the picture shown?

a)

demand

b)

Supply

c)

Equilibrium price

d)

Supply curve

12.

What will happen to the price of a certain good when the demand is high and the supply is low?

a)

increase

b)

decrease

13.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball 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.
14.
a person or company that makes, grows, or supplies goods to sell is called the?
a)
damand
b)
price
c)
producer
d)
shortage
15.

The want or willingness a consumer has to purchase a good or a service is called?

a)
shortage
b)
supply
c)
price
d)
demand
16.

The amount of goods or services available for a producer to sell is called?

a)
supply
b)
demand
c)
producer
d)
consumer
17.

An individual who purchases (buy) goods.

a)
producer
b)
consumer
c)
goods
d)
services
18.

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

19.

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

20.

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

a)

The price will increase

b)

The price will decrease

21.

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

a)

The price will increase

b)

The price will decarese

22.

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

a)

The price will increase

b)

The price will decrease

23.
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.
24.
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.
25.
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.
26.
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.
27.
A farmer is a ___________ because he/she grows food to sell.
a)
producer
b)
consumer
28.
Lucas fixes his friend's sink.  He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
29.
 Giving a haircut
a)
example of scarcity
b)
example of a service
c)
example of a good
d)
example of a consumer
30.
Who buys goods or services?
a)
Producers 
b)
consumers 
31.
Jobs that people do for others?
a)
Resource
b)
Services
c)
Producers 
32.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
33.

The want or willingness a consumer has to purchase a good or a service is called?

a)
shortage
b)
supply
c)
price
d)
demand
34.

The amount of goods or services available for a producer to sell is called?

a)
supply
b)
demand
c)
producer
d)
consumer
35.

An individual who purchases (buy) goods.

a)
producer
b)
consumer
c)
goods
d)
services
36.

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

37.

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

38.

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

a)

The price will increase

b)

The price will decrease

39.

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

a)

The price will increase

b)

The price will decarese

40.

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

a)

The price will increase

b)

The price will decrease

41.
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.
42.
Lucas fixes his friend's sink.  He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
43.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
44.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball 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.
45.

What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?

a)

The price will increase

b)

The price will decarese

46.
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.
47.
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.
48.
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.
49.
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
50.
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.
51.
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.
52.

A new video game has just been released before the winter holiday season. 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.
53.

Which of the following is a standard supply curve?

a)
b)
c)
54.

Which of the following is a standard demand curve?

a)
b)
c)
55.

What happens to the demand curve for computers when the price increases from $500 to $700?

a)
b)
c)
d)
56.

What happens to the demand curve for computers when the price decreases from $700 to $500?

a)
b)
c)
d)
57.

What happens to the supply curve for cell phones produced by the company "Mango" if they start using a new assembly line which makes it faster to assemble cell phones?

a)
b)
c)
d)
58.

What happens to the supply curve for cell phones produced by the company "Mango" if the the U.S. government doubles their taxes?

a)
b)
c)
d)
59.

What happens to the demand curve for cell phones if the price increases from $925 to $1320?

a)
b)
c)
d)
60.

What happens to the demand curve for cell phones if the price decreases from $1320 to $800?

a)
b)
c)
d)
61.
How much people want something
a)
supply
b)
demand
62.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
63.

Another word for money

a)

coffee

b)
economics
c)
currency
d)
price
64.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
65.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
66.
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.
67.
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.
68.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
69.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
70.
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
71.

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.

72.
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
73.
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.
74.
Lucas fixes his friend's sink.  He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
75.
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.
76.

According to the laws of supply and demand, when will companies produce more of a product?

a)

When the price people will pay for it goes down

b)

When demand decreases

c)

When they can sell it for a higher price

d)

When the economy turns downward

77.

The amount of a good producers are willing to sell at each possible price is called

a)

opportunity cost

b)

supply

c)

scarcity

d)

demand

78.

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

a)

up ..... less

b)

down ..... more

c)

up ..... more

79.

Take a look at the graph below. Label the curves by filling in the blanks. The supply curve is __________________ and the demand curve is _________________.

a)

red ..... blue

b)

blue .... red

80.

Which scenario below could cause a change in the quantity supplied to go from point C to point D on the supply curve?

a)

The demand decreased

b)

The price decreased

c)

The price increased

81.

The amount of a good consumers are willing to pay at each possible price is called..

a)

supply

b)

opportunity cost

c)

equilibrium price

d)

demand

82.

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

a)

down .... less

b)

down .... more

83.

The amount of money exchanged for a good or service is called the ...

a)

supply

b)

demand

c)

opportunity cost

d)

price

84.

Which of the scenarios below could cause a change in the quantity demanded for gas, to go from point A to point B?

a)

The price of gas increased

b)

The price of gas decreased

85.

The point where supply and demand meet is called the ...

a)

price

b)

scarcity

c)

opportunity cost

d)

equilibrium price

86.

If current production is shown by the green (x) on the supply curve, is there a shortage or a surplus?

a)

shortage

b)

surplus

87.

The Law of Demand states that as price decreases...

a)

Quantity demanded decreases

b)

Quantity demanded increases

c)

Production increases

d)

Quality Decreases

88.

Supply depends on the willingness and ability of...

a)

consumers to purchase

b)

producers to sell

c)

donors to contribute

d)

advertisers to promote

89.

According to the law of supply, what happens as price increases?

a)

The quantity supplied increases

b)

The quantity supplied decreases

c)

The supply curve shifts to the left

d)

The supply curve shifts to the right

90.

The equilibrium price is the price at which...

a)

demand and supply curves intersect

b)

consumers start reducing demand

c)

producers’ total revenue is highest

d)

neither demand nor supply will shift

91.

In the summer picnic season, a sharp rise in the price of burgers may lead to an increase in the demand for the substitute good, _____.

a)

coleslaw

b)

chicken

c)

relish

d)

buns

92.

Which of the following will cause the demand to move along the demand curve rather than shifting it?

a)

preferences

b)

expectations

c)

price

d)

income

93.

Which of these is most likely to happen to demand for clothes in a clothing store when blizzards keep customers at home?

a)

The demand curve becomes steeper

b)

The demand curve shifts to the right

c)

The demand curve becomes flatter

d)

The demand curve shifts to the left

94.

Which of these would most likely increase the supply of soccer balls?

a)

a government tax on sporting goods

b)

a decrease in the price of raw materials

c)

an increase in the supply of tennis balls

d)

a transportation strike (truckers on strike)

95.

Which of these situations best illustrates market equilibrium?

a)

The amount of soap for sale matches the amount of soap that people want to buy.

b)

Everyone who wants or needs soap can easily afford to buy it

c)

Soap production ensures a good profit for the manufacturer

d)

The price of soap does not vary much from week to week

96.

What might result from setting a price ceiling on the price of rent for apartments?

a)

Houses are broken up into apartments to meet the demand.

b)

Construction jobs increase with the building of new apartment buildings.

c)

People can find apartments but cannot afford to rent them.

d)

More people want to rent apartments than the number of apartments available to rent.

97.

As price for a good or service goes up, how does that typically affect the quantity demanded?

a)

it increases

b)

it decreases

c)

it does not change

98.

As price for a good or service goes up, how does that typically affect the quantity supplied?

a)

it increases

b)

it decreases

c)

it does not change

99.

Which letter shows the area of a shortage?

a)

A

b)

B

c)

C

100.

Which letter shows the equilibrium?

a)

A

b)

B

c)

C

101.

Which letter shows the area of surplus?

a)

A

b)

B

c)

C

102.

A price ceiling...

a)

would be below the equilibrium

b)

would be at the equilibrium

c)

would be above the equilibrium

103.

A price floor...

a)

would be below the equilibrium

b)

would be at the equilibrium

c)

would be above the equilibrium

104.

A price ceiling typically creates...

a)

a shortage

b)

a surplus

c)

equilibrium

105.

A price floor typically creates...

a)

a shortage

b)

a surplus

c)

equilibrium

106.

What is a black market?

a)

The term for when business is good and profitable.

b)

The term for when business is losing money.

c)

When goods and services are exchanged illegally.

107.

Which of the following are examples of price controls? Check all that apply.

a)

shortage

b)

price floor

c)

rationing

d)

price ceiling

108.
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.
109.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball 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.
110.
A graphic organizer is shown. What is the best title for it?
a)
Factors Causing the Price of a Product to Rise.
b)
Why Demand for Goods Falls.
c)
How the Price of Raw Materials Influences Demand.
d)
Why Workers' Wages Are Sometimes Reduced.
111.
Which situation is most likely to lead to the lowest prices?
a)
There is only one producer making the good.
b)
Businesses secretly agree to share their profits.
c)
Competition between businesses is prohibited.
d)
Several producers compete to sell goods to the public.
112.
When companies compete in a market economy, what is usually the result?
a)
Consumers are able to buy goods for the best available price.
b)
People pay much higher prices for goods.
c)
There are frequent shortages of goods on the market.
d)
Producers refuse to sell some of their products.
113.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
114.
How does competition affect producers in a market economy? 
a)
They generally agree to share resources equally.
b)
They improve the quality of their goods to attract buyers.
c)
They look to the government to assign resources.
d)
They ration their goods equally among consumers.
115.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
116.
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.
117.
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.
118.
The price at which the quantity demanded by consumers equals the quantity suppled by the producers is know as what?
a)
Competition
b)
The Law of Supply
c)
The Law of Demand
d)
The Equilibrium Price
119.
This term refers to how much of a good or service consumers are willing to buy at a particular price.
a)
Demand
b)
Compettition
c)
Supply
d)
Equilibrium Price
120.
If the price of a good is ________________ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.
a)
Lower 
b)
Higher
c)
Supply
d)
Resources
121.
If the price of a good is __________________ than the equilibrium price, then the for that good will be greater than the supply available.
a)
The Same
b)
Higher
c)
Competition
d)
Lower
122.
PART ONE: If a disease were to damage the plants that produce cocoa in Ghana what would happen to the world supply of cocoa?
a)
The world supply of cocoa would increase.
b)
The world supply of cocoa would decrease.
c)
The world supply of cocoa would stay the same.
123.
PART TWO: If a disease were to damage the plants that produce cocoa in Ghana what effect would it have on world cocoa prices?
a)
World cocoa prices would go down.
b)
World cocoa prices would go up.
c)
World cocoa prices would stay the same.

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