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Supply And Demand
Test Description: Review for First Semester Final
Instructions: Answer all questions to get your test result.
1) A person who buys and uses goods and services
A
Buyer
B
Consumer
C
Trader
D
Producer
2) An example of a producer is a(n)
A
Beautician
B
Construction worker
C
Farmer
D
Plumber
3) the quantity of a good or service that CONSUMERS are willing and able to buy.
A
Supply
B
Profit
C
Demand
D
increasing
4) the quantity of a good or service that BUSINESSES are willing and able to provide
A
Demand
B
Christmas items
C
Supply
D
merchandise
5) Businesses offering very similar products to the same customers
A
Wannabes
B
Rivals
C
Brand partners
D
competitors
6) Factors influencing demand are
A
weather
B
uniqueness of the product
C
quality
D
All of the above
7) The point where supply and demand are equal
A
equilibrium
B
market price
C
perfection
D
goal
8) As competition increases, prices
A
usually increase as well
B
are not affected so usually will not change
C
There is no way to predict what will happen to prices due to competition
D
will decrease
9) _________________ pay close attention to the needs and activities of consumers.
A
Controllers
B
Suppliers
C
producers
D
Extractors
10) Consumers are made up of.....
A
businesses
B
All of the above
C
individuals
D
government
*select an answer for all questions
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