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Supply and Demand Quiz
Supply and Demand Quiz
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1
Which of the following best describes the Law of Demand?
As demand goes down, supply goes up.
As demand goes up, price becomes elastic.
As price goes down, demand goes down. (and vice versa).
As price goes down, demand goes up (and vice versa).
2
2. A change in demand is shown
without a demand graph
with a totally vertical line
along the demand curve
with a new demand curve above or below the original demand curve
3
What is a government payment for certain actions?
tariff
profit
subsidy
tax
4
The diagram represents a
increase in demand
decrease in demand
5
A table that lists the quantity of a good that a single person will buy at each price in a market
demand schedule
supply and demand graph
elasticity chart
6
What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
equilibrium price
subsidy
shortage
surplus
7
Thousands of people leave a town due to a factory closing. Sales at the local grocery store to slow. What caused this?
Prices or availability of complementary goods
Population (Change in the number of buyers)
Prices or availability of substitutes
Change in the weather or season
8
What determines price & quantity produced of goods?
supply
consumers
demand
supply and demand
9
Goods that are bought and used together are
complementary goods
unrelated goods
substitute goods
income goods
10
If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?
it will go down
what does this have to do with the price of tea in China?
it will go up
it will stay the same
11
What goes on the horizontal axis of a demand graph?
price
change in demand
quantity supplied
quantity demanded
12
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
price of a substitute good
tastes and preferences
price of a complementary good
market size
13
Consuming more of one good because of a change in price of another good is known as the
elasticity effect
income effect
substitution effect
demand effect
14
A reduction in the overall population of an area will likely cause a demand curve to shift
right
left
up
not at all
15
When the selling price of a good goes up, what is the relationship to the quantity supplied?
the profit made on each item goes up
it becomes practical to produce more goods
the cost of production goes up
there is no relationship between the two
16
Which of the following is the best example of the law of supply?
a catering company buys a new dishwasher to make their work easier
a shop increases the number of items they supply when the price goes up
a producer increases the number of acres he grows to supply a company
a milling company builds a new factory to process flour for export
17
What happened to a supply curve when supply goes down?
moves left
moves down
moves right
moves up
18
Which of these is a fixed cost for a store?
advertising
inventory
rent
short-term workers
19
The demand curve always slopes
down and to the left
down and to the right
straight up and down
up and to the right
20
Which factor causes the demand curve to shift in the following situation: Bobby got a good job, he decided to buy a car.
consumer tastes & advertising
income
population
prices of related goods
21
Which way does a supply curve slope?
up
down
neither
both
