AP Macro Unit 3 Quiz - S&D

Question 1

Which of the following is the most magical?

Accepted Answer

Market Equilibrium

Question 2

If a company is experiencing a surplus of inventory, they should

Accepted Answer

Lower the price

Question 3

The condition in which the quantity supplied is greater than the quantity demanded is called...

Accepted Answer

Surplus

Question 4

Which of the following would occur if the price is lowered from p1 to p2?

Accepted Answer

Shortage

Question 5

Demand for gasoline increases. This could be the result of...

Accepted Answer

Lower prices on automobiles

Question 6

If the price of an item is at equilibrium, then QS and QD will be

Accepted Answer

The Same

Question 7

This image shows

Accepted Answer

Increase in Demand

Question 8

This image shows...

Accepted Answer

Decrease in Quantity Supplied

Question 9

Equilibrium price and quantity are achieved through...

Accepted Answer

The interaction of producers and consumers

Question 10

On a demand curve, a change in price would be shown by...

Accepted Answer

Movement along the curve

Question 11

An increase in demand means that customers are willing to...

Accepted Answer

purchase more at all prices

Question 12

Retail stores see a decrease in sales prior to Brown Thursday. The most likely reason is...

Accepted Answer

Expectation of lower prices

Question 13

Which of the following is a reason that explains the law of supply?

Accepted Answer

Increasing marginal cost

Question 14

The Law of Demand says that price and quantity have a __________ relationship

Accepted Answer

Inverse

Question 15

Which of the following pairs of goods would be found in joint production

Accepted Answer

Bacon and footballs

Question 16

The Law of Supply says that price and quantity have a __________ relationship

Accepted Answer

Direct

Question 17

A new tariff is placed on imported socks. The most likely result is...

Accepted Answer

↓ in supply

Question 18

If JC Penney announces a sale NEXT WEEK, they should expect that sales THIS WEEK will be

Accepted Answer

Lower

Question 19

If Dairy Queen lowers their prices, demand for McDonalds will probably...

Accepted Answer

Decrease

Question 20

A new report finds that Dr Pepper is good for you. The most likely result is...

Accepted Answer

↑ demand

Questions 20