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Supply and demand quiz
the purpose of subsidies is to....
A supply factor is
Supply and demand quiz
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Answers
1
A supply factor is
Advertising & Branding
Changes in production technologies
Fashions, tastes and preferences
Government taxes
2
the purpose of subsidies is to....
Increase demand
increase supply
lower the costs of production of a business
decrease supply
3
Who determines demand?
Sellers
Buyers
4
A
complementary
good is a good whose use is related to the use of an associated or paired good.
True
False
5
VAT is an example of a.....
In Direct Tax
A vampire rat
Direct Tax
Subsidy
6
A change in Population does not impact demand of a good
True
False
7
Law of demand
P up, Qd down
P up, Qd up
8
what is this diagram showing
a shift in supply
a shift in demand
Excess Supply
Excess Demand
9
The 3 functions of the price mechanism are: Signalling, Rationing and Willingness to buy
False
True
10
Who determines supply?
Buyers
Sellers
11
A demand factor is
Advertising & Branding
Changes in production technologies
Government taxes
Fashions, tastes and preferences
12
Where supply and demand curves meet is known as:
equal
coincide
connection
equilibrium
13
What does this diagram show?
Increase in Supply
Decrease in Supply
Increase in Price
Increase in Demand
14
Law of supply
P up, Qs down
P up, Qs up
15
The demand line slopes
upwards left to right
downwards left to right
upwards right to left
straight across
16
A substitute product's price can impact the demand of a good/service
True
False
17
What is Demand?
An order
The amount of resources supplied
Amount of a product that someone is willing and able to pay
A problem of society
18
What does this diagram show?
decrease demand
Increase demand
A shift in demand to the right
decrease in price
19
What are the variable(s) in Law of Supply and Demand?
Quantity and Price
Quantity
No variables
Price
20
In a free market "disequilibrium" will never last
False
True
