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Economics (Supply & Demand)
Economics (Supply & Demand)
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Economics review for high school students
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What is demand?
Amount producers are willing to produce
Amount consumers are willing to buy
Amount producers are willing to buy
Amount consumers are willing to produce
2
Which of the following is NOT a criteria for inelastic demand?
There are no substitutes
The product is popular
The product is a necessity
A change in the price is small related to income
3
Who won the Super Bowl last night?
Falcons
Patriots
4
Law of supply states that price and quantity move in the ____ direction.
same
opposite
5
What is supply?
Amount producers are willing to produce
Amount consumers are willing to buy
Amount producers are willing to buy
Amount consumers are willing to produce
6
Are you going to pass the test?
yes
no
7
Who played in last night's super bowl?
Patriots & Chiefs
Patriots & Falcons
Steelers & Patriots
Falcons & Steelers
8
The US economy is _____.
capitalist
communist
socialist
9
When one business controls the market for a product/service it is called a ____.
monopoly
oligopoly
10
Law of demand states that price and demand move in ____ directions.
same
opposite
11
When there is a surplus of a product, what typically happens to the selling price?
It stays the same
It goes up
It goes down
12
When a few large companies control the market for a product/service it is called a(n) ___.
monopoly
oligopoly
13
What typically happens to the selling price of product when there is a shortage?
It stays the same
It goes down
It goes up
14
A surplus happens when supply is ____ than demand.
higher
same
lower
15
A shortage happens when supply is ____ than demand.
same
lower
higher
