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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
Consumer
B
Producer
C
Buyer
D
Trader
2) An example of a producer is a(n)
A
Plumber
B
Farmer
C
Beautician
D
Construction worker
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
merchandise
C
Supply
D
Christmas items
5) Businesses offering very similar products to the same customers
A
competitors
B
Brand partners
C
Rivals
D
Wannabes
6) Factors influencing demand are
A
weather
B
All of the above
C
uniqueness of the product
D
quality
7) The point where supply and demand are equal
A
goal
B
market price
C
perfection
D
equilibrium
8) As competition increases, prices
A
will decrease
B
usually increase as well
C
There is no way to predict what will happen to prices due to competition
D
are not affected so usually will not change
9) _________________ pay close attention to the needs and activities of consumers.
A
producers
B
Controllers
C
Extractors
D
Suppliers
10) Consumers are made up of.....
A
individuals
B
businesses
C
government
D
All of the above
*select an answer for all questions
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