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- 1. 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
- 2. Multiple Choice
What does this curve represent?supplyequilibriumdemandsurplus - 3. Multiple ChoiceThousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?Prices or availability of substitutesPrices or availability of complementary goodsChange in the weather or seasonChange in the number of buyers
- 4. Multiple ChoiceGoods that are bought and used together arecomplementary goodssubstitute goodsincome goodsunrelated goods
- 5. Multiple ChoiceThe diagram represents aincrease in demanddecrease in demandchange in quantity demandnone of the above
- 6. Multiple ChoiceWhich statement expresses a central idea of how the laws of supply and demand work?The government sets the prices for goods and services.Prices are determined by the interaction of producers and consumers.Consumers alone determine the prices for goods and services.Technology dictates the prices charged for goods and services.
- 7. Multiple ChoiceWhat does this graph show?ShortageSurplusSupply TableEquilibrium
- 8. Multiple ChoiceIf a price floor was set at 320, what quantity would be purchased?20406080
- 9. Multiple ChoiceWhat is the Equilibrium Price?1234
- 10. Multiple ChoiceThe movement from Point A to Point B represents a(n)increase in the price.decrease in the quantity supplied.shift in the supply curve.Both Orange and Blue are correct.
- 11. Multiple ChoicePoint at which supply and demand come togetherprice ceilingexcess demandequilibriumdisequilibrium
- 12. Multiple ChoiceRead 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?The price will remain the same.The price will rise.The price will fall. - 13. Multiple ChoiceRead 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?The price will rise.The price will stay the same.The price will fall. - 14. Multiple ChoiceIf the price of a good is ________________ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.LowerHigherSupplyResources
- 15. Multiple ChoicePART TWO: If a disease were to damage the plants that produce cocoa in Ghana what effect would it have on world cocoa prices?World cocoa prices would go down.World cocoa prices would go up.World cocoa prices would stay the same.
- 16. Multiple ChoiceThe idea that resources are limited; we don't have an unlimited supply of what we wantscarcitysupplydemandinflation
- Answer choicesTagsAnswer choicesTags