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Supply And Demand
Test Description: Questions over supply and demand
Instructions: Answer all questions to get your test result.
1) Which is the best example of complement goods.
A
Umbrellas and shoes
B
Paper and cell phones
C
Sponges and dish soap
D
Shirts and candy
2) Best example of substitute goods
A
Trash cans and coke
B
Belts and notebooks
C
Pens and pencils
D
Water and snacks
3) Used paper company has newer, efficient printers. What non price factor is this?
A
Trends
B
Technology
C
Substitute goods
D
Complement goods
4) Monica is willing to pay more for water on a hot summer day, compare to a cold day. What is this an example of?
A
Supply
B
Price point
C
Non-Price factor
D
Demand Schedule
5) The price of gas goes up, demand stays the same. Is the demand elastic or inelastic?
A
Elastic
B
Inelastic
C
Space cats
D
Chuck Norris
6) Which of these best explains law of demand.
A
As demand goes up, prices go up
B
As demand goes down, prices go down
C
As prices go up, demand goes down
D
As prices go up, demand goes up
7) What is the relationship between supply and price
A
Elastic
B
Direct
C
Inelastic
D
Inverse
8) Summer is comiing up, swimsuit purchases are increasing. What non price factor is this?
A
Seasons
B
Number of buyers
C
Expectations
D
Complement goods
9) Nike produces too many pairs of shoes for the year. What would this cause?
A
Supply
B
Demand
C
Shortage
D
Surplus
10) What is the answer to this question?
A
Chuck Norris
B
A
C
B
D
D
*select an answer for all questions
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