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Social Studies, History, Science
12th
grade
Micro Economics Chapter 3 Supply and Demand QUIZ
66 questions
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- 1. Multiple ChoiceThe amount of goods available:SupplyDemandUtilityEquilibrium
- 2. Multiple ChoiceThe tendency of suppliers to offer more of a good at a higher price:Law of SupplyLaw of DemandLaw of EconomicsLaw of Net Income
- 3. Multiple ChoiceThe number one goal of a business is:EqualityGood Working ConditionsProfitCharitable Contributions
- 4. Multiple ChoiceWhat does this curve represent?demandsupplyequilibriumshortage
- 5. Multiple ChoiceWhat does this curve represent?supplyequilibriumdemandsurplus
- 6. Multiple ChoiceWhen the supply of a product or service goes up and the demand stays the same the Price will typically do what?risefallstay the sameConsumer
- 7. Multiple ChoiceWhen the demand for a product or service is higher than the supply this causes what?shortageconsumersurplusequilibrium
- 8. Multiple ChoiceGenerally speaking, the lower the price, the greater the quantity demand.TrueFalse
- 9. Multiple ChoiceConsumer wants are the same as consumer demand.TrueFalse
- 10. Multiple ChoiceIn economics, the term demand refers to the quantity of a good that peoplewill buy at one particular price over a long time periodwould like to consume on a given datewill buy at many different prices at a particular timewould like to have available during a given time period
- 11. Multiple ChoiceThere is only one gas station on a stretch of highway. Then two more gas stations open next to the first. Demand for gas does not change during this time. What will happen to the price of gas on this stretch of highway and why?The price of gas will decrease because there is more competition among businesses.The price of gas will decrease because there is less competition among businesses.The price of gas will increase because there is more competition among businesses.The price of gas will increase because there is less competition among businesses.
- 12. Multiple ChoiceThe Supply Curve is upward-sloping because...as price increases, consumers demand less.none of the choicesas price increases, so do costs.As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to produce more.
- 13. Multiple ChoicePart of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.the supply of superstar basketball players is low, while the supply of competent teachers is much larger.demand for LeBron James' talents is very high since he can generate so much revenue for a firm.all of the choices
- 14. Multiple ChoiceWhich of the following could cause the price for automobiles to decrease?The local factory gives a big raise to its employees.None of the choicesA brand new automobile dealership opens in town.The price of gasoline falls.
- 15. Multiple ChoiceWhen college students leave town for the summer, the demand for meals at the local restaurants declines. This may result in…more people moving into town.a decrease in price.none of the choicesan increase in price.
- 16. Multiple ChoiceWhat is the point called where the supply curve and the demand curve intersect?Sale PriceEquilibrium PriceEconomic PricePremium Price
- 17. Multiple ChoiceWhich graph below shows the SUPPLY CURVE?ABCD
- 18. Multiple ChoiceWhich graph below shows the DEMAND CURVE?ABCD
- 19. Multiple ChoiceThe law of demand states that there is what type of relationship between price and demand?As price decreases demand decreases.As price increases demand increases.As price decreases demand remains the same.As price increases demand decreases.
- 20. Multiple ChoiceThe law of supply states that there is what type of relationship between price and supply?As price decreases demand increases.As price increases supply decreases.As price increases supply increases.As price decreases supply remains the same.
- 21. Multiple ChoiceAn increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.
increase; complements
increase; substitutesdecrease; complementsdecrease; substitutes - 22. Multiple ChoiceIf the price of printers goes down, what happens in the market for ink cartridges?Supply increases.Supply decreases.Demand increases.Demand decreases
- 23. Multiple ChoicePrinters and ink cartridges are typically purchased together. Economists would call theseStubstituesComplementsElasticInelastic
- 24. Multiple ChoiceA government payment made to a business is ataxregulationsubsidyresource
- 25. Multiple ChoiceThe following is a factor that will not cause the demand curve to shift:AdvertisingPopulationPriceConsumer expectations
- 26. Multiple ChoiceA change in quantity demanded is shownat various points on the demand curvewith a new demand curve drawn above or below the original demand curvewith a vertical line
- 27. Multiple ChoiceConsuming more of one good because of a change in price of another good is known as theincome effectsubstitution effectelasticity effectdemand effect
- 28. Multiple ChoiceA table that lists the quantity of a good that a single person will buy at each price in a market.demand schedulemarket demand scheduleelasticity chartsupply and demand graph
- 29. Multiple ChoiceIf a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?it will go upit will go downit will stay the samewhat does this have to do with the price of tea in China?
- 30. Multiple ChoiceIn a market economy, who decides on the prices of goods and services?governmentbuyers and sellersfirmslocal leaders
- 31. Multiple ChoiceGenerally speaking, the lower the price, the greater the quantity demand.TrueFalse
- 32. Multiple ChoiceFor the law of demand, as price rises, what happens to quantity demanded?it goes upit goes downit stays the sameit is not effected
- 33. Multiple ChoiceFor the law of supply, as price rises, what happens to quantity supplied?it goes upit goes downit stays the sameit is not effected
- 34. Multiple ChoiceIf farmers stopped growing potatoes because it was too hard, this would cause the ___________ curve for Grippo's to shift ____________.demand.........rightdemand.........leftsupply.......rightsupply....... left
- 35. Multiple ChoiceIf Michael Jordan did advertisements for Steak and Shake, this would cause the ___________ curve for Steak and Shake to shift ____________.demand.........rightdemand.........leftsupply.......rightsupply....... left
- 36. Multiple ChoiceIf sandals suddenly became very popular, what would happen to the market for basketball shoes? This would cause the ___________ curve for basketball shoes to shift ____________.demand.........rightdemand.........leftsupply.......rightsupply....... left
- 37. Multiple ChoiceWhen CDs became popular, people stopped listening to tape cassettes. This caused the ___________ curve for tape cassettes to shift ____________.demand.........rightdemand.........leftsupply.......rightsupply....... left
- 38. Multiple Choicea person or company that makes, grows, or supplies goods to sell is called the?damandpriceproducershortage
- 39. Multiple ChoiceThe desire or willingness a consumer has to purchase a good or a service is called?shortagesupplypricedemand
- 40. Multiple ChoiceThe amount of goods or services available is called?supplydemandproducerconsumer
- 41. Multiple ChoiceAn individual or group who purchases goods.producerconsumergoodsservices
- 42. Multiple ChoiceThe point where supply and demand are balanced is?productdemandsurplusequilibrium
- 43. Multiple ChoiceWhen there is a shortage the price will usually?risefallremain the sameequilibrium
- 44. Multiple ChoiceIn economics these concepts are called?rise and fallsupply & demandcustomers and productssurplus and shortage
- 45. Multiple ChoiceConsumer wants are the same as consumer demand.TrueFalse
- 46. Multiple ChoiceIf the price of butter increases, then we would expect that the demand for margarine would fall.TrueFalse
- 47. Multiple ChoiceThe graph illustrates a ...Demand CurveSupply CurveElasticity CurvePrice Ceiling
- 48. Multiple ChoiceJeremy has $15,000 to spend on a new car. He found a car that was priced at $14,500, but he did not think the car was worth more than $12,000. The dealer told Jeremy that he has not been able to sell this model because other customers have expressed the same opinion as Jeremy. Does demand of this car exist?Yes, bc consumers like the car but don't buy it.Yes, bc consumers think the car is worth $12,000.No, bc consumers do not have the buying power to purchase this car.No, bc consumers are not willing to pay the price being asked for this car.
- 49. Multiple ChoiceWhen the price of a good or service is high consumer demand will usually behighunpredictablelowaverage
- 50. Multiple ChoiceDemand is the desire and the __________ to buy a product or serviceneedtimeplanability
- 51. Multiple ChoiceWhen the price of a good increases, the quantity demandedincreasesdecreasesremains unchangedreverses
- 52. Multiple ChoiceThe human factor of production isCapitalLandLaborAll of these
- 53. Multiple ChoiceA surplus of a product will occur when the price is…none of the choicestoo highat equilibriumtoo low
- 54. Multiple ChoiceWhat is it called when the quantity which is demanded is higher than the quantity supplied?None of the choicesSurplusEquilibriumShortage
- 55. Multiple ChoiceFarmers 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.
- 56. Multiple ChoiceThe 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?The price will go up.The price will go down.
- 57. Multiple ChoiceSomeone who makes a product to sell is a ____________.human resourceconsumerproducertrader
- 58. Multiple ChoiceLucas fixes his friend's sink. He is providing a _____________.tradeopportunity costproductservice
- 59. Multiple ChoiceGiving a haircutexample of scarcityexample of a serviceexample of a goodexample of a consumer
- 60. Multiple Choice
Technology used to make cars improves. This will cause..
Supply to Increase
Demand to increase
Supply to Decrease
Demand to Decrease
- 61. Multiple Choice
Coke raises their prices. What will happen to Pepsi?
Increase Demand
Increase Supply
Decrease Demand
Decrease Supply
- 62. Multiple Choice
Iphones become more expensive. What will happen to Iphone covers?
Increase Demand
Increase Supply
Decrease Demand
Decrease Supply
- 63. Multiple Choice
Cardi B is trending. What happens to her music?
Increase Supply
Decrease Supply
Increase Demand
Decrease Demand
- 64. Multiple ChoiceWhat are goods?items found under a rugitems found in the oceanitems that are made and grownWork that is done for someone else
- 65. Multiple ChoiceWhat is a consumer?Someone who makes or grows goods or offers servicessomeone who makes productsSomething that grows in natureSomeone who buys goods and services
- 66. Multiple ChoiceThe best price for a product or service is where the supply and demand lines intersect or meet.TrueFalse
- Answer choicesTagsAnswer choicesTags