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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
Sponges and dish soap
B
Paper and cell phones
C
Shirts and candy
D
Umbrellas and shoes
2) Best example of substitute goods
A
Pens and pencils
B
Belts and notebooks
C
Water and snacks
D
Trash cans and coke
3) Used paper company has newer, efficient printers. What non price factor is this?
A
Substitute goods
B
Trends
C
Complement goods
D
Technology
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
Demand Schedule
B
Price point
C
Non-Price factor
D
Supply
5) The price of gas goes up, demand stays the same. Is the demand elastic or inelastic?
A
Elastic
B
Chuck Norris
C
Space cats
D
Inelastic
6) Which of these best explains law of demand.
A
As demand goes down, prices go down
B
As demand goes up, prices go up
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
Inverse
B
Direct
C
Elastic
D
Inelastic
8) Summer is comiing up, swimsuit purchases are increasing. What non price factor is this?
A
Expectations
B
Complement goods
C
Number of buyers
D
Seasons
9) Nike produces too many pairs of shoes for the year. What would this cause?
A
Shortage
B
Demand
C
Surplus
D
Supply
10) What is the answer to this question?
A
A
B
D
C
B
D
Chuck Norris
*select an answer for all questions
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