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31. Supply And Demand (1)
Test Description: SocialStudiesGames.net
Instructions: Answer all questions to get your test result.
1) what determines price in a free marker
A
supply and demand
B
businesses
C
government
D
consumers
2) the amount of good for sale
A
opportunity cost
B
supply
C
capital
D
demand
3) the amount of goods that consumers want to purchase
A
opportunity cost
B
supply
C
capital
D
demand
4) Which is an incorrect statement about Supply and Demand?
A
supply ↑ ► price ↑
B
demand ↑ ► price ↑
C
demand ↓ ► price ↓
D
supply ↓ ► price ↑
5) Which is an incorrect statement about Supply and Demand?
A
demand ↑ ► price ↑
B
supply ↑ ► price ↓
C
demand ↓ ► price ↓
D
supply ↓ ► price ↑
6) Producers (or pizza shop owners) will produce more goods (pizza) if they can sell their goods at a higher prices, so the supply curve moves up and to the right
A
False
B
True
7) Consumers (or pizza shop customers) will buy fewer goods (pizza) as the pizza becomes more expensive, so the demand curve moves down and to the right
A
True
B
False
8) Producing more pizzas than consumers are willing to purchase
A
deficit
B
equilibrium
C
opportunity cost
D
surplus
9) Producing fewer pizzas than consumers will to purchase
A
equilibrium
B
deficit
C
opportunity cost
D
surplus
10) producing the exact number of pizzas that consumers are willing purchase
A
equilibrium
B
surplus
C
deficit
D
opportunity cost
*select an answer for all questions
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