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