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- 1. Multiple Choice
The law of demand states that if the price of CD’s rise, consumers will
Buy more CDs
Buy fewer CDs
Quantity demanded will not change
- 2. Multiple ChoiceThe law of supply states that if the price of CD’s rise, suppliers willSupply more CDsSupply fewer CDsQuantity supplied will not change
- 3. Multiple Choice
Which of the following is NOT a direct determinant of the supply of peanut butter?
The price of peanuts
The wages of peanut butter factory workers
The income of peanut butter consumers
Existing peanut butter making technology
- 4. Multiple Choice
Which of the following will cause an increase in demand for snowboards?
More costly production methods
A decrease in the price of lift tickets at ski resorts
A decrease in consumer income
A decrease in the population
- 5. Multiple Choice
A major environmental report highlights the damaging effect of diesel 4x4's. What will happen to the demand for electric vehicles?
Demand for electric vehicles will decrease
Demand for electric vehicles will increase
Demand for electric vehicles will stay the same
- 6. Multiple Choice
What will happen to the price of corn if almost no rain falls on corn crops?
The price will increase
The price will decrease
- 7. Multiple Choice
What will happen to the price of shoes if shoe producers have to pay higher wages to their workers?
The price will increase
The price will decrease
- 8. Multiple Choice
What will happen to the price of new cars if a weak economy causes people to have lower incomes?
The price will increase
The price will decrease
- 9. Multiple Choice
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
- 10. Multiple Choice
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.
- 11. Multiple ChoiceThe place where goods and services are exchangedbartercurrencymarketresource
- 12. Multiple Choice
A sustained increase in the general price level is known as
price
inflation
scarcity
demand
- 13. Multiple ChoiceWhen quantity supplied and quantity demanded is equalsurplusshortageequilibriumlaw of demand
- 14. Multiple ChoiceWhat does this curve represent?supplyequilibriumdemandsurplus
- 15. Multiple Choice
If the price of printers goes down, what happens in the market for ink cartridges?
Supply increases.
Supply decreases.
Demand increases.
Demand decreases
- 16. Multiple Choice
Demand means
the amount of a good or service that consumers are willing and able to buy.
is the amount of a good or service produced.
is the price that is demanded by consumers.
None of the above.
- 17. Multiple Choice
What goes on the horizontal axis (x axis) of a demand graph?
price
quantity demanded
quantity supplied
change in demand
- 18. Multiple Choice
Which condition would lead to the highest prices?
Low supply, high demand
High supply, high demand
High supply, low demand
Low supply, low demand
- 19. Multiple ChoiceWhich graph below shows the SUPPLY CURVE?ABCD
- 20. Multiple Choice
The diagram represents a(n)
increase in supply
decrease in supply
increase in demand
decrease in demand
- Answer choicesTagsAnswer choicesTags