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Supply And Demand
Test Description: Unit 2 on Supply Demand
Instructions: Answer all questions to get your test result.
1) If the price of a good increases, demand will
A
stay the same
B
increase
C
decrease
2) If the price of a good decreases, demand will
A
stay the same
B
decrease
C
increase
3) If the price of a good increases, supply will
A
increase
B
decrease
C
stay the same
4) If the price of a good decreases, supply will
A
incresase
B
stay the same
C
decreases
5) Which market situation occurs if the price of a good falls below equilibrium price?
A
shortage
B
surplus
6) Which market situation occurs if the price of a good rises above the equilibrium price?
A
surplus
B
shortage
7) If the price of a good increases, the demand for substitutes of that good will
A
decrease
B
stay the same
C
increase
8) Which type of goods do consumer purchase to use with other products?
A
substitutes goods
B
fads
C
utility
D
complimentary goods
9) If a person's income were to increase, their demand for goods will
A
increases
B
decrease
C
stay the same
10) Which would be a non-price factor that affects the supply of goods?
A
fads
B
income
C
production cost
D
taste
*select an answer for all questions
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