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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
inversly, decrease, increase
B
inversly, increase, decreases
C
directly, decreases, increases
D
Directly, increases, decreases
2) Price signal information to sellers to adjust their _____ and _____ whcih impacts the supply and demand of procducts
A
marker equilibrium and price system
B
supply and demand
C
price and quantities
D
surplus and shortage
3) products that are purchased together, on product will increase just because its related product increased
A
complement good
B
inelastic good
C
elastic 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, left, consumer taste
B
increase, right, change in income
C
decrease, left, consumer taste
D
decrease, right, change in population
5) market equilibrium is where _____ and _____ are equal
A
marginal utility and quotas
B
trade barriers and duties
C
tariffs and exchange rates
D
quantity demand and quantity supply
6) What creates shortages and surpluses?
A
Equilibrium
B
Protectionism
C
Disequilibrium
D
The Price System
7) If the price of dairy products such as cheese increase, the supply curve for pizza will shift________.
A
Lower
B
High
C
Lift
D
Higher
8) Which of the following are not two examples of elastic goods?
A
greek yogrt vs. yoplay
B
Dr. Pepper vs. Dr. Thunder
C
Nike vs. underarmor
D
Gasoline vs. medicine
9) A demand schedule is a chart that lists the _______ at each and every price.
A
Quaninty Demand
B
Demand
C
Quantity Supply
D
Margine Utility
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
Opportunity
B
Factors of Production
C
Law of Demand
D
Law of Supply
*select an answer for all questions
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