WorksheetsUnit 4: Prices, Supply, & Demand TEST
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
A Playstation 5 can be obtained for $409.99.
a)
Price
b)
Theory of Price
c)
Law of Supply
d)
Law of Demand
e)
Elasticity
2.
New skincare products gain a substantial amount of publicity online, causing the demand to increase. As a response to the increased demand, considering the limited supply, the price for the new skincare products increase.
a)
Theory of Price
b)
Price
c)
Law of Supply
d)
Law of Demand
e)
Elasticity
3.
Once Apple raised the price for the newest Macbook model, they started producing more units. Apple wishes to sell more units at a higher price.
a)
Law of Supply
b)
Price
c)
Theory of Price
d)
Law of Demand
e)
Elasticity
4.
As the price for school supplies decrease following the beginning of the school year, many teachers take advantage of the low prices and stock up for the year, causing an increase in demand.
a)
Law of Demand
b)
Price
c)
Theory of Price
d)
Law of Supply
e)
Elasticity
5.
As consumers' incomes increase, so does their demand for luxury items, such as designer accessories. As their incomes decrease, so does the demand for the same luxury items.
a)
Elasticity
b)
Price
c)
Theory of Price
d)
Law of Supply
e)
Law of Demand
6.
A local coffee shop has found $1.25 for a cup of coffee to be the price point at which the quantity supplied equals the quantity demanded.
a)
Equilibrium Price
b)
Price
c)
Theory of Price
d)
Law of Supply
e)
Law of Demand
7.
The federal minimum wage is $7.25.
a)
Price Floor
b)
Price
c)
Theory of Price
d)
Law of Supply
e)
Law of Demand
8.
Rent Control establishes a maximum amount per month landlords can charge for rent, limits how often rent can be increased, and limits by how much rent can be increased.
a)
Price Ceiling
b)
Price
c)
Theory of Price
d)
Law of Supply
e)
Law of Demand
9.
Price
a)
D.
b)
A.
c)
B.
d)
C.
e)
E.
10.
Quantity
a)
C.
b)
A.
c)
B.
d)
D.
e)
E.
11.
Supply Curve
a)
A.
b)
B.
c)
C.
d)
D.
e)
E.
12.
Demand Curve
a)
B.
b)
A.
c)
C.
d)
D.
e)
E.
13.
Equilibrium Price
a)
E.
b)
A.
c)
B.
d)
C.
e)
D.
14.
TRUE or FALSE:
As Price increases, Quantity Supplied decreases.
a)
True
b)
False
15.
TRUE or FALSE:
As Price decreases, Quantity Demanded increases.
a)
True
b)
False
16.
TRUE or FALSE:
A Surplus is a situation in which the quantity demanded is greater than the quantity supplied
a)
True
b)
False
17.
TRUE or FALSE:
A Shortage is a situation in which the quantity demanded is greater than the quantity supplied.
a)
True
b)
False
18.
TRUE or FALSE:
Changes in technology, number of producers, and government supplies are all factors that may affect the supply of a particular product.
a)
True
b)
False
19.
TRUE or FALSE:
Inferior Goods are products that consumers demand LESS of as their incomes increase, such as generic, store brand products.
a)
True
b)
False
20.
TRUE or FALSE:
Price and Quantity Supplied have an inverse relationship; As price increases, quantity supplied decreases.
a)
True
b)
False
100 %
