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- 1. Multiple ChoiceIn general, if the price of a good or service goes down, what happens to the demand for that good or service?demand goes updemand stays the samedemand goes downnone of the above
- 2. Multiple Choice
A person or company that makes, grows, or supplies goods to sell is called the?
demand
price
producer
shortage
- 3. Multiple ChoiceIn general, if the price of a good or service goes up, what happens to the demand for that good or service?demand goes updemand stays the samedemand goes downnone of the above
- 4. Multiple ChoiceMillions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?The price will go up.The price will go down.
- 5. Multiple ChoiceAn individual or group who purchases goods.producerconsumergoodsservices
- 6. Multiple ChoiceThe amount of goods or services available is called?supplydemandproducerconsumer
- 7. Multiple Choice
A group of buyers and sellers of a particular good or service
Supply
Demand
Agency
Market
- 8. Multiple ChoicePhysical items that you can touch and see are called:GoodsNeedsServicesWants
- 9. Multiple Choice
A market is said to be in equilibrium when
when demand is higher than the supply
when demand is lower than the supply
when the demand and supply quantities are equal
when the supply is doubled the demand
- 10. 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
- 11. Multiple Choice
If demand for a product increases beyond the ability of produces to supply the product, what will happen to the price of the product?
the price will increase
the price will decrease
the prices will stay the same
the price will decrease until producers can make more
- 12. Multiple Choice
What might happen if the demand for a new type of sneaker began rising quickly?
The manufacturer would begin making fewer sneakers
The sneaker company would raise the price of the sneakers
People would refuse to pay more money for the sneakers
The sneaker company would lower the price of the sneakers
- 13. Multiple Choice
What is likely to happen if the price of a new pair of sneakers went up?
Demand for the sneakers would increase
Demand for the sneakers would decrease
Merchants would begin offering sales on the sneakers
It would be impossible to find a pair in stores
- 14. Multiple ChoiceThe desire or willingness a consumer has to purchase a good or a service is called?shortagesupplypricedemand
- 15. Multiple ChoiceThe amount of goods or services available is called?supplydemandproducerconsumer
- 16. Multiple ChoiceThis part of the market determines DEMANDbuyerssellerssuppliersstore owners
- 17. Multiple ChoiceThis part of the market determines SUPPLYbuyerssellersconsumersus
- 18. Multiple ChoiceWhen quantity supplied and quantity demanded is equalsurplusshortageequilibriumlaw of demand
- 19. Multiple ChoiceWhat does this curve represent?demandsupplyequilibriumshortage
- 20. Multiple ChoiceWhat does this curve represent?supplyequilibriumdemandsurplus
- Answer choicesTagsAnswer choicesTags