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Unit 4,5,6 Review Game
Test Description: Supply Demand
Instructions: Answer all questions to get your test result.
1) Demand for a product varies _______. as price _____, demand increases. As price ______, demand decreases.
A
directly, decreases, increases
B
Directly, increases, decreases
C
inversly, increase, decreases
D
inversly, decrease, increase
2) Price signal information to sellers to adjust their _____ and _____ whcih impacts the supply and demand of procducts
A
price and quantities
B
marker equilibrium and price system
C
surplus and shortage
D
supply and demand
3) products that are purchased together, on product will increase just because its related product increased
A
elastic good
B
complement good
C
inelastic good
D
subsitute good
4) if people develop a taste for coffee there is then a _____ in the demand for tea. the demand curve for tea shifts _____. this is an example of _____.
A
increase, right, change in income
B
decrease, right, change in population
C
decrease, left, consumer taste
D
increase, left, consumer taste
5) market equilibrium is where _____ and _____ are equal
A
marginal utility and quotas
B
trade barriers and duties
C
quantity demand and quantity supply
D
tariffs and exchange rates
6) What creates shortages and surpluses?
A
The Price System
B
Protectionism
C
Equilibrium
D
Disequilibrium
7) If the price of dairy products such as cheese increase, the supply curve for pizza will shift________.
A
Higher
B
High
C
Lift
D
Lower
8) Which of the following are not two examples of elastic goods?
A
greek yogrt vs. yoplay
B
Nike vs. underarmor
C
Gasoline vs. medicine
D
Dr. Pepper vs. Dr. Thunder
9) A demand schedule is a chart that lists the _______ at each and every price.
A
Quaninty Demand
B
Demand
C
Margine Utility
D
Quantity Supply
10) When the Iphone 5s first came out there were many lines of people wanting the product, so a large amount were being produced and prices were able to be maintained very high. This is an example of?
A
Law of Demand
B
Factors of Production
C
Law of Supply
D
Opportunity
*select an answer for all questions
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