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Market Demand and Supply Changes

Total questions: 75

Worksheet time: 2hrs 55mins

Name
Class
Date
1.

Due to the special 100th year anniversary of York High School, people will be attending York Homecoming in record numbers. Market: dresses in Elmhurst

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

2.

Levis will pay its workers $1.50 more per hour. Market: jeans

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

3.

Price of ground beef skyrockets. Market: Hamburger buns

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

4.

High levels of mercury found in canned tuna. Market: canned tuna

a)

Demand Increase

b)

Demand Decrease

c)

Supply increase

d)

Supply Decrease

5.

Price of BMW's drops. Market: Mercedes

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

6.

People return to Houston, one year after Hurricane Irma. Market: apartments in Houston

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

7.

Fisherman return to their fishing boats one year after Hurricane Maria. Market: striped bass

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

8.

Ford, the number one employer in Detroit, announces workers will be laid off. Market: the new iPhone in Detroit

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

9.

Drought hits peanut crop in Georgia. Market: peanut butter

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

10.

New machinery smashes peanuts twice as fast. Market: peanut butter

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

11.

US announces a tax on car tires to pay for national highway bridges. Market: car tires

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

12.

New methane process turns garbage into home heating fuel. Market: home heating fuel

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

13.

Price of shaving cream goes up. Market: manual razors

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

14.

Price of turkey rises. Market: chicken

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

15.

Due to Covid 19, US citizens are not allowed to travel to Italy. Market for airline tickets from Chicago to Rome.

a)

Demand Increase

b)

Demand Decrease

c)

Demand Unchanged

d)

Supply Increase

16.

Nike announces they will have a back-to-school special in August and shoes will be 20% off in August. Market: Nike shoes in July

a)

Demand Increase

b)

Demand Decrease

c)

Demand Unchanged

d)

Supply Decrease

17.

Due Covid 19, US automakers are forced to make hospital ventilators. Market for cars.

a)

Demand Increase

b)

Demand Decrease

c)

Supply Increase

d)

Supply Decrease

18.

What can happen to prices when there is too much of something?

a)

They can go up

b)

They can go down

c)

They stay the same

d)

They can disappear

19.

You are the owner of a shoe company and you just received your first athlete sponsorship from Lebron James. What will happen to the production of shoes?

a)

Increase

b)

Decrease

c)

Stay the same

20.

You are the owner of a shoe company and you just received your first athlete sponsorship from Lebron James. What will happen to the price of shoes?

a)

Increase

b)

Decrease

c)

Stay the same

21.

You are a videogame shop owner and the next generation systems were just released. You have over 200 older generation systems still in stock. What will happen to the production/ordering of older systems?

a)

Increase

b)

Decrease

c)

Stay the same

22.

You are a videogame shop owner and the next generation systems were just released. You have over 200 older generation systems still in stock. What will happen to the price of older systems?

a)

Increase

b)

Decrease

c)

Stay the same

23.

You are a farmer with ample corn. Other farmers have struggled to produce their corn crop this year. What will happen to the production of corn?

a)

Increase

b)

Decrease

c)

Stay the same

24.

You are a farmer with ample corn.  Other farmers have struggled to produce their corn crop this year. What will happen to the price of your corn

a)

Increase

b)

Decrease

c)

Stay the same

25.

  1. The movie theater just raised the price of movie tickets $5. What will happen to the demand of the tickets?

a)

Increase

b)

Decrease

c)

Stay the same

26.

  1. It is the day after Halloween and all the candy at the grocery store is 50% off. What will happen to the demand of the candy?

a)

Increase

b)

Stay the same

c)

Decrease

27.

Zoe went to a store to buy apples. She noticed that as the price of apples increased, she was willing and able to buy fewer apples. What is this an example of?

a)

Positive relationship between price and quantity

b)

Negative relationship between price and quantity

c)

No relationship between price and quantity

d)

Random relationship between price and quantity

28.

Ethan, Liam, and Mia are running a lemonade stand. Which of the following would be a shifter of supply for their lemonade stand?

a)

Change in the price of lemons or sugar

b)

Change in the price of ice cream at the shop across the street

c)

Change in demand for lemonade

d)

Change in their expectations for future lemonade sales

29.

During a hot summer day, Luna, Scarlett, and Abigail noticed an increase in demand for their homemade ice cream stand. What happens to the price and quantity of their ice cream?

a)

Price increases, quantity increases

b)

Price decreases, quantity decreases

c)

Price increases, quantity decreases

d)

Price decreases, quantity increases

30.

During a hot summer day, Jackson, Benjamin, and Anika run an ice cream stand. What happens to the price and quantity of ice cream they sell if there is a sudden decrease in their ice cream supply?

a)

The price of ice cream increases, and they sell more ice cream

b)

The price of ice cream decreases, and they sell less ice cream

c)

The price of ice cream increases, and they sell less ice cream

d)

The price of ice cream decreases, and they sell more ice cream

31.

Ava, David, and Mason read a research paper that claims eating ice cream enhances intelligence. What would likely happen to the price and quantity of ice cream in the market?

a)

Price increases, quantity increases

b)

Price decreases, quantity decreases

c)

Price increases, quantity decreases

d)

Price decreases, quantity increases

32.

Avery, Nora, and Scarlett discovered a machine that can produce ice cream quicker and cheaper. What happens to the price and quantity of ice cream they produce?

a)

Price increases, quantity increases

b)

Price decreases, quantity decreases

c)

Price increases, quantity decreases

d)

Price decreases, quantity increases

33.

In the month of December, sunscreen goes on sale for 50% off the price it sells for in July. What is the supply & demand for sunscreen?

a)

The supply is high and the demand is low.

b)

The supply is low and the demand is high.

34.

The video game “Extreme Racing 5” has just been released, and the older version “Extreme Racing 4” goes on sale. What is the supply & demand for “Extreme Racing 4?”

a)

The demand is high and supply is low.

b)

The demand is low and the supply is high.

35.

During the Thanksgiving season, the price of turkey increases. What is the supply & demand for Turkey?

a)

The supply is high and the demand is low.

b)

The supply is low and the demand is high.

36.

A store is running low on Valentine’s Day cards during the month of February. What is the supply & demand for Valentine’s Day cards?

a)

The supply is low and the demand is high.

b)

The supply is high and the demand is low.

37.

The newest book in a very popular series has just been released, and your bookstore only receives a few copies. The price of the book increases. What is the supply & demand for the new book?

a)

The supply is high and the demand is low.

b)

The supply is low and the demand is high.

38.

What does the law of demand say

a)

consumers will buy less of something  when the price goes down

b)

consumers will buy more of something  when price increases. 

c)

 consumers will buy more of something  when prices decrease.

d)

None of the above.

39.

Equilibrium is 

a)

when there is a surplus

b)

when there is a shortage

c)

when there is both a surplus and a  shortage

d)

when the producer and the consumers  agree on a price

40.

Supply is

a)

how much consumers are willing to  buy.

b)

how much a producer (a business) is  able and willing to make for sale to  consumers.

c)

the goods that are left over after a  sale.

d)

All of the above

41.

is when there is not enough of a good to meet  demand. 

a)

surplus

b)

shortage

c)

equilibrium

d)

none of the above

42.
What does this curve represent?
a)

demand

b)

supply

c)

equilibrium

d)

shortage

43.
What does this curve represent?
a)

supply

b)

equilibrium

c)

demand

d)

surplus

44.
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.

45.

This graph represents...?

a)

Changes in quantity demanded

b)

Changes in quantity supplied

c)

Changes in demand

d)

Changes in supply

46.

This graph represents...?

a)

Changes in quantity demanded

b)

Changes in quantity supplied

c)

Changes in demand

d)

Changes in supply

47.
The law of demand states that if the price of CD’s rise, consumers will
a)

Buy more CDs

b)

Buy fewer CDs

c)

Quantity demanded will not change

48.
The law of supply states that if the price of CD’s rise, suppliers will
a)

Supply more CDs

b)

Supply fewer CDs

c)

Quantity supplied will not change

49.

What is the Equilibrium Price?

a)

1

b)

2

c)

3

d)

4

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.

Are these substitutes or complements?

a)

Substitutes (buy instead of)

b)

Complements (buy together)

52.

Are these substitutes or complements?

a)

Substitutes (buy instead of)

b)

Complements (buy together)

53.

How many sodas are people willing and able to buy at a price of $1.50/each?

(a)  

54.
A price floor
a)
goes above equilibrium
b)
goes below equilibrum
55.
A price ceiling
a)
goes above equilibrium
b)
goes below equilibrum
56.
A price ceiling
a)
Sets the minimum price
b)
Sets the maximum price
c)
Sets the median price
d)
Sets the recommended price
57.
A price floor
a)
Sets the minimum price
b)
Sets the maximum price
c)
Sets the median price
d)
Sets the recommended price
58.

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.

59.
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.
60.

The point in the middle of the two curves represents or shows....?

a)

Market Equilibrium

b)

An increase in supply

c)

A shortage

d)

A surplus

61.
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
62.
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
63.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
64.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
65.

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.
66.
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.
67.
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.
68.
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
69.
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.
70.
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.
71.
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.
72.
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.
73.

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

74.

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

75.

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

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