Economics Chapter 4
Supply and Demand Dynamics Quiz
Test your knowledge of the fundamental concepts within economics through this engaging quiz on supply and demand. With 24 thoughtfully crafted questions, you’ll get the chance to explore key terms and theories that shape our understanding of market behavior.
Get ready to dive into topics such as:
- The law of supply and demand
- Market equilibrium
- Impact of price shifts
- Surpluses and shortages
Term that best describes amount of product a company is willing to provide at various prices
Supply
Demand
Product ceiling
Equilibrium point
Alfred Marshall is best known for the
Law of demand and supply
Market equilibrium theory
Surplus shortage paradox
Supply and demand model
What does a rightward shift in a supply curve indicate
An increase in supply
A shortage
A price floor
Change in quantity supplied
A woman creates a chart detailing how much of a product the company can afford to make at various price points, what has she created
A demand curve
A marginal utility schedule
A supply schedule
A price floor
Manager of donut shop doubles batches and raises prices what economic concept has been most clearly illustrated
A price floor
Change in quantity supplied
Shortage
Increase in supply
What does a leftward shift in supply curve indicate
Increase in supply
Increase in quantity supplied
Decrease in supply
Decrease in quantity supplied
What will most likely happen to cookie supply if the cost to produce is increased but selling price remains the same
It will increase slightly
It will remain the same
It will be cut to zero
It will decrease slightly
Most significant reason for rapid drop in price of cell phones since they were first introduced
Increase in demand
Improvements in tech
Increase in demand
Decrease in demand
From standpoint of supplier, what is the best solution to a surplus
Lowering price
Increase demand
Increase price floor
Cutting produce
If milk is forced to sell above market equilibrium price what results
Shortage
Surplus
Price ceiling
Increase in demand
Which is not a demand solution to a surplus
Lowering price of product
Drive competition out of business
Persuading gov to purchase surplus
Advertising to increase consumer preference of that product
If gov forces homes to be rented below market equilibrium price what results
Surplus
Decrease in demand
Shortage
Price floors
What is demand solution to shortage
Raising prices
Discouraging demand
Increase production
Set price ceiling
Definition of Supply
Amount of goods/services business are willing to provide for different prices
A tabulation of income and planned expenditures
An economic system
Tems that are purchased for personal use
The law of supply states
A condition of alternating periods of rising/falling, characterized by four periods.
Price of a service falls/rises, people want more/less of it
Increasing or decreasing production
N increase in the quantity of goods and services a nation can produce
In cases of local emergency, prices of essential goods will:
Stay the same
Decrease
Increase
Disappear
What is a surplus
Excess of unsold products
Excess of products bought
Too many products sold
When the government establishes a “price floor,” it prevents what?
Companies buying out surplus
Individuals re-selling surplus
the prices of a surplus from falling below market price
Any entity purchasing goods
What could lead to a change in supply?
Changes in technology
Changes in production costs
Changes in the price of related goods
All of the above
What is the term for an agreement between consumers and manufacturers that allows an exact estimate of market interest?
Change in prices of related goods
price ceiling
surplus
equilibrium point
Which Bible verse gives an example of surplus and shortage?
Genesis 41: 46-57
James 12: 3-11
Mark 22
1 Peter 11: 6-17
Which way does a supply curve slope?
positively
negative
0
Imaginary
Whether their product is sheets of steel or bottles, suppliers will generally produce _________ quantity as the price rises.
a greater
A lower
The same
None of the above
What is the solution to a surplus?
Recycle it
Set it at a lower price
Set it at a higher price
Donate to large corporations
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