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Supply And Demand
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) The demand for the product is not affected by an increase in price is called...
A
elastic
B
inelastic
C
none of the answers
2) As prices decreases, consumers will buy more of the good. This is called...
A
law of demand
B
law of economics
C
law of supply
3) A ____________ demand schedule shows the demand for all consumers.
A
individual
B
none of the answers
C
market
4) The line on a supply curve moves
A
downward and to the right
B
upward and to the left
C
upward and to the right
5) Demand for gasoline is inelastic .
A
False
B
True
C
none ot the answers
6) When the quantity demanded for a good is ___________, it means the demand for the product is affected by price changes.
A
inelastic
B
elastic
C
none of the answers
7) Consumers will demand substitute goods due to...
A
price decrease
B
price increase
C
prices remaining the same
8) Market demand schedules are more beneficial to producers than individual demand schedules.
A
None of the answers
B
False
C
True
9) The line on a _____________ curve usually moves upward and to the left.
A
none of the answers
B
supply
C
demand
10) Personal likes and dislikes affect the _____________ of a good or service.
A
supply
B
demand
C
elasticity
11) Which of the following is known as the minimum price that the government establishes by law?
A
price ceiling
B
price floor
C
none of the answers
12) The government will establish a price ceiling in order to ensure consumers are able to purchase their needs.
A
True
B
none of the answers
C
False
13) When a market is in disequilibrium, the quantity demanded and the quantity supplied are equal.
A
None of the answers
B
False
C
True
14) When there is a shortage, _____________ is a method of distributing goods by using a other system than pricing.
A
price floor
B
price ceiling
C
rationing
*select an answer for all questions
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