WorksheetsDemand and Supply
Total questions: 147
Worksheet time: 2hrs 18mins
Which statement describes the law of demand?
As prices rise, quantity demanded decreases
As prices rise, demand decreases.
As prices fall, quantity demanded decreases.
As prices fall, demand decreases.
Which is an example of the Law of Demand at work?
The price of the pizza goes up when the price of cheese goes up.
Demand for pizza goes down when tacos become more popular
The price of pizza falls when the demand for pizza falls
Demand for pizza rises when the price of pizza falls
The market equilibrium price is the price at which
surpluses depress the number of goods supplied
shortages and surpluses will have no effect on the market
the government will not intervene in the market
the quantity demanded is the same as the quantity supplied
What is the Equilibrium Price?
1
2
3
4
When there is a shortage the price will usually?
rise
fall
remain the same
equilibrium
When there is a shortage the price will usually?
rise
fall
remain the same
equilibrium
The diagram represents a(n)
increase in supply
decrease in supply
change in quantity supplied
none of the above
The diagram represents a
increase in demand
decrease in demand
change in quantity demand
none of the above
The diagram represents a
increase in demand
decrease in demand
change in quantity demand
none of the above
When supply is HIGH and demand is LOW, price is (a) .
When supply is LOW and demand is HIGH, price is (a) .
Beaver hats have grown in popularity. There are no more beaver in Europe because they have been over hunted. Supply has gone...
Up.
Down.
Nowhere.
Beaver hats have grown in popularity. There are no more beaver in Europe because they have been over hunted. Demand has gone...
Up.
Down.
Nowhere.
Beaver hats have grown in popularity. There are no more beaver in Europe because they have been over hunted. The price of beaver pelts will go...
Up.
Down.
Nowhere.
Ashley’s company brought a whole wagon load of knives. All the mountain men already own a favorite knife. Supply is...
High.
Low.
Average.
Ashley’s company brought a whole wagon load of knives. All the mountain men already own a favorite knife. Demand is...
High.
Low.
Average.
Ashley’s company brought a whole wagon load of knives. All the mountain men already own a favorite knife. The price of knifes is...
High.
Low.
Average.
Fewer Native Americans come to Rendezvous with buckskin shirts to sell. It’s been a rough season so more mountain men need new shirts for fall and winter. Supply is...
High.
Low.
Average.
Fewer Native Americans come to Rendezvous with buckskin shirts to sell. It’s been a rough season so more mountain men need new shirts for fall and winter. Demand is...
High.
Low.
Average.
Fewer Native Americans come to Rendezvous with buckskin shirts to sell. It’s been a rough season so more mountain men need new shirts for fall and winter. The price of buckskin shirts will be...
High.
Low.
Average.
Silk hats have come into fashion and beaver hats are less popular. Supply of beaver hats has gone...
Up.
Down.
Nowhere.
Silk hats have come into fashion and beaver hats are less popular. Demand for beaver hats has gone...
Up.
Down.
Nowhere.
Silk hats have come into fashion and beaver hats are less popular. Beaver pelt prices will go...
Up.
Down.
Nowhere.
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?
The supply probably went up.
The supply probably went down.
In 1940, scientists invented a new form of synthetic, or artificial, rubber. It was cheaper to work with than natural rubber. What happened to the overall supply of rubber tires after 1940?
The supply went up
The supply went down
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Last year, 50,000 people lived in the city of Fairfax.
But since then, 8,000 people have moved away. What probably happened to the overall supply of houses for sale in Fairfax?
The supply probably went up
The supply probably went down
In the 1970s, several countries in the Middle East decided to pump less oil from their oil wells. Oil is often made into gasoline. What happened to the world's overall supply of gasoline?
The supply went up
The supply went down
Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?
The supply went up.
The supply went down
According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?
The supply will probably go up.
The supply will probably go down.
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
Summerfield's population has grown by 10,000 people per year for the last five years. What has probably happened to the overall demand for apartments in Summerfield?
The demand has probably gone up
The demand has probably gone down
Last year, taxes went up by $100 per person in
Dover. What probably happened to overall demand for goods and services in Dover?
The demand probably went up
The demand probably went down
Last year, 50 babies were born in the town of
Oakland. This year, 100 babies were born there. What probably happened to the overall demand for diapers in Oakland?
The demand probably went up
The demand probably went down
On a graph, supply and demand intersect at equilibrium.
True
False
On a supply and demand graph, a shift in the curve represents which of the following?
A change in price.
A change in quanitity
A change in an underlying condiditon.
What happens when the quantity demanded for a good is less that the quantity supplied?
A suplus will occur and prices will decrease.
A surplus will occur and prices will increase
A shortage will occur and prices will increase.
What happens when the quantity supplied is greater than the quanitity demanded.
A surplus will occur and prices will decrease.
A surplus will occur and prices will increase
A shortage will occir and prices will increase.
When a curve shifts to the right on a graph, this means that the quantity demanded or the quanitity supplied has increased.
True
False
When a curve shifts to the left on a graph this means that the quanitity supplied or the quanitity demanded has decreased.
True
False
A shift of a supply or demand curve can be caused by influencers duch as income of byers and number of sellers.
True
False
A shift along a curve has to do with
underlying condidtions.
price.
Underlying condiditions such as number of sellers and the cost of input resources are underlying conditions that impact
demand.
supply.
Underlying conditions such as income of buyers and tastes and preferences of buyers impact
Demand.
supply.
What is the equilbrium quantity and equilbrium price?
20,000 and $2.50
23,000 and $2.70
Another word for money
coffee
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?
The price will go up.
The price will go down.
According to the laws of supply and demand, when will companies produce more of a product?
When the price people will pay for it goes down
When demand decreases
When they can sell it for a higher price
When the economy turns downward
This curve demonstrates what idea?
As price increases, quantity demanded goes up
As price decreases, quantity supplied goes up
As price increases, quantity supplied goes up
As price decreases, quantity demanded goes down
This curve demonstrates what idea?
As price increases, quantity demanded goes up
As price decreases, quantity supplied goes up
As price increases, quantity supplied goes up
As price decreases, quantity demanded goes up
A point ON the curve could change if....?
Price changes
People's tastes or preferences change
There is an increase in demand
There is a change in tax structure
If the price of a good goes up, what will happen to quantity supplied?
It will stay the same
It will increase
It will decrease
Supply will change, not quantity supplied
What will happen to quantity demanded if the price goes down?
It will stay the same
It will increase
It will decrease
Quantity demanded won't change, demand will
What could cause the shift from D1 to D2?
A change in preferences
A change in price
A change in quantity demanded
A change in quantity supplied
This graph represents...?
Changes in quantity demanded
Changes in quantity supplied
Changes in demand
Changes in supply
This graph represents...?
Changes in quantity demanded
Changes in quantity supplied
Changes in demand
Changes in supply
If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?
An increase in computer chips
An increase in the cost of producing an iPhone
Employees figure out a way to work more efficiently
The price of iPhones increases
If Tom Brady unretires and wins a Super Bowl, what will happen to the demand curve for Tom Brady jerseys (in theory)?
It will shift to the right
It will shift to the left
It won't shift
The price will go down
Which is a determinant or shifter of supply?
Number of producers increases
Taxes increase
Price inputs drop
All of the above
There is a record peach harvest, and prices are lowest in decades, what will happen to the supply curve for peach pies?
The supply curve will shift to the right
The supply curve will shift to the left
The demand curve will shift to the right
The demand curve will shift to the left
Congress passes a new "Sugar Tax", how will this impact the supply curve for sugar?
The supply curve will shift to the right
The supply curve will shift to the left
The demand curve will shift to the right
The demand curve will shift to the left
Prices of blueberries rise dramatically, how will this impact the demand curve for strawberries?
The supply curve will shift to the right
The supply curve will shift to the left
The demand curve will shift to the right
The demand curve will shift to the left
Experts say that in five years, video games will cost 200% more than they do now, how will this affect the demand curve for video games now?
The supply curve will shift to the right
The supply curve will shift to the left
The demand curve will shift to the right
The demand curve will shift to the left
Research suggests that consuming sugar can cause health problems. What happens to the demand for Gummy Bears?
The supply curve will shift to the right
The supply curve will shift to the left
The demand curve will shift to the right
The demand curve will shift to the left
The point in the middle of the two curves represents or shows....?
Market Equilibrium
An increase in supply
A shortage
A surplus
________ occurs when quanity demanded is higher than quantity supplied.
Surplus
Shortage
Equilibrium
Market clarity
________ occurs when quanity supplied is higher than quantity demanded.
Surplus
Shortage
Equilibrium
Market clarity
A
B
C
D
A
B
C
D
A
B
C
D
A
B
C
What is number 1?
Supply (S)
Demand (D)
Both (B)
What is number 2?
Supply (S)
Demand (D)
Both (B)
What is number 3?
Supply (S)
Demand (D)
Both (B)
What is number 4?
Supply (S)
Demand (D)
Both (B)
What is number 5?
Supply (S)
Demand (D)
Both (B)
A
B
C
D
A
B
C
D
A
B
C
Choose 2 answers
A
B
C
D
The amount of a good producers are willing to sell at each possible price is called
opportunity cost
supply
scarcity
demand
The law of supply says that as prices go _______________, producers will make ______________ or their product.
up ..... less
down ..... more
up ..... more
Take a look at the graph below. Label the curves by filling in the blanks. The supply curve is __________________ and the demand curve is _________________.
red ..... blue
blue .... red
Which scenario below could cause a change in the quantity supplied to go from point C to point D on the supply curve?
The demand decreased
The price decreased
The price increased
The amount of a good consumers are willing to pay at each possible price is called..
supply
opportunity cost
equilibrium price
demand
The law of demand says that as prices go ________________, consumers buy _______________ of that product.
down .... less
down .... more
The amount of money exchanged for a good or service is called the ...
supply
demand
opportunity cost
price
Which of the scenarios below could cause a change in the quantity demanded for gas, to go from point A to point B?
The price of gas increased
The price of gas decreased
The point where supply and demand meet is called the ...
price
scarcity
opportunity cost
equilibrium price
If current production is shown by the green (x) on the supply curve, is there a shortage or a surplus?
shortage
surplus
What happens to prices when there are many goods and services available?
Prices go up
Prices go down
Prices stay the same
Prices disappear
What is supply?
The amount of good and service available to buy
The amount of money people have
The number of stores in a city
The number of people in a country
What is demand?
How much of a good or service people want to buy
How much money people have
The number of stores in a city
The number of people in a country
When is demand considered high?
When many people want to buy a good or service
When few people want to buy a good or service
When prices are low
When prices are high
How can nature affect the supply of a good?
By changing the color of the product
By affecting the growth conditions, like water availability
By making products cheaper
By increasing the number of stores
What happens to the supply of a new toy if it is very expensive to make?
Supply increases
Supply decreases
Supply stays the same
Supply disappears
What might cause the demand for almonds to be high?
A scientific study saying almonds are unhealthy
A drought
People wanting almonds for recipes
Almonds being easy to find
What is one reason people might be willing to pay more for almonds?
Almonds are easy to find
Almonds are not used in recipes
Almonds are scarce
Almonds are unhealthy
What is the likely effect on price if almonds pile up because not many people are buying them?
Price goes up
Price goes down
Price stays the same
Price becomes free
What is one reason demand for a product might increase?
A negative health study
A positive health study
A decrease in supply
A decrease in price
What happens when the market has cleared?
Supply is greater than demand.
Demand is greater than supply.
Supply equals demand.
Prices are too high.
What is the effect of a high price on demand?
Demand increases.
Demand decreases.
Demand stays the same.
Demand fluctuates.
What is the effect of a low price on supply?
Supply increases.
Supply decreases.
Supply stays the same.
Supply fluctuates.
What do consumers do at the equilibrium point?
Buy more than supplied.
Buy less than supplied.
Buy exactly what is supplied.
Stop buying.
What is the relationship between supply and price?
Higher price leads to less supply.
Higher price leads to more supply.
Lower price leads to more supply.
Price does not affect supply.
What is the effect of an increase in demand on price?
Price increases.
Price decreases.
Price stays the same.
Price becomes unpredictable.
What might cause the supply of a product to decrease?
Improved production technology
Natural disasters affecting production
Increased availability of raw materials
Government subsidies
What is the relationship between demand and price?
Higher demand leads to lower prices.
Higher demand leads to higher prices.
Lower demand leads to higher prices.
Demand does not affect prices.
When prices increase, the quantity demanded:
decreases
increases
stays the same
Things that you can buy or sell are called:
Goods
Services
Needs
Wants
Lucas fixes his friends sink. He is providing a _______.
service
trade
product
good
The desire or willingness a consumer has to purchase a good or a service is called:
demand
shortage
supply
price
The amount of a good or service that is available to consumers:
supply
demand
service
product
