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