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Eco
Test Description: Supply and Demand
Instructions: Answer all questions to get your test result.
1) The cost of microchips for computers is raised. How does the supply graph change and what non-price factor is shown?
A
Cost of inputs; Shift right
B
Change in other goods prices; Shift left
C
Change in other goods prices; Shift right
D
Cost of inputs; Shift left
2) The government increases minimum wage to $10 an hour. Which demand non-price factor is represented and how is the graph changed?
A
Number of buyers; Shifts left
B
Number of buyers; Shift right
C
Consumer income; Shift right
D
Consumer income; Shift left
3) An advertisement is released stating cell phones can cause cancer. What non-price demand factor is represented and how is the demand graph changed?
A
News report; Right
B
Advertising; Right
C
News report; Left
D
Advertising; Left
4) A new machine is added to the assembly line. How does this change the supply graph and which supply non-price factor is represented?
A
Shift left; Change in technology
B
Shift right; Complement goods
C
Shift right; Change in technology
D
Shift left; Complement goods
5) The place where QD and QS are equal is...?
A
Supply Equilibrium
B
Market Equilibrium
C
Demand Equilibrium
D
Demand schedule
6) Demand is ____ related to price while supply is ____ related to price.
A
Inversely, Directly
B
Inversely, Inversely
C
Directly, Directly
D
Directly, Inversely
7) When QS is greater than QD this causes a?
A
Equilibrium
B
Shortage
C
Price change
D
Surplus
8) A chart that lists QD at each and every price is?
A
Demand curve
B
Demand margin
C
Demand chart
D
Demand scheduled
9) If goods are a necessity, if they are hard to find substitutes for, or if they are difficult to delay the purchase they are?
A
Compliments
B
Inelastic
C
Elastic
D
Substitute
10) Sprite and 7-up; Mr. Pib and Dr. pepper are examples of what type of goods
A
Substitutes goods; elastic
B
Substitute goods; inelastic
C
Compliments goods; elastic
D
Compliment goods; inelastic
*select an answer for all questions
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