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Revise: Basic Concept of Supply and Demand

Quiz by Alia

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28 questions
Show answers
  • Q1
    What does the term 'ceteris paribus' mean in economic models?
    Other things remain unchanged or equal.
    Only one factor is considered.
    All factors are variable.
    Economic models are always accurate.
    30s
  • Q2
    According to the law of demand, what happens to quantity demanded when the price of a product increases?
    The quantity demanded fluctuates.
    The quantity demanded increases.
    The quantity demanded remains the same.
    The quantity demanded decreases.
    30s
  • Q3
    What does a rightward shift in the demand curve indicate?
    Price decreases.
    Supply increases.
    Supply decreases.
    Demand increases.
    30s
  • Q4
    If the supply curve shifts to the left, what does this signify?
    Quantity demanded remains constant.
    Supply decreases.
    Price decreases.
    Demand increases.
    30s
  • Q5
    In the context of market equilibrium, what occurs when the demand curve crosses the supply curve?
    A shortage is created.
    Equilibrium price and quantity are established.
    Market becomes unstable.
    A surplus is created.
    30s
  • Q6
    What is likely to happen in the market for chicken if a bird-flu outbreak decreases the supply?
    Quantity will increase and price will decrease.
    Both price and quantity will remain constant.
    Price of chicken will rise and quantity traded will decrease.
    Price will fall and quantity will increase.
    30s
  • Q7
    If the price of mutton increases, what is likely to happen to the demand for beef, assuming they are substitutes?
    The demand for beef will decrease.
    The demand for beef will remain unchanged.
    The supply of beef will decrease.
    The demand for beef will shift to the right.
    30s
  • Q8
    What happens to the equilibrium price and quantity when both the demand and supply curves shift?
    Equilibrium price falls and quantity decreases.
    It depends on the magnitude of the shifts.
    Equilibrium remains unchanged.
    Equilibrium price rises and quantity increases.
    30s
  • Q9
    What does an increase in demand with no change in supply tend to cause in the market?
    Price to remain the same and quantity to increase.
    Price to increase and quantity traded to increase.
    Price to decrease and quantity traded to decrease.
    Quantity traded to decrease while price fluctuates.
    30s
  • Q10
    In a free market, what is the role of price mechanism in adjusting to a shortage?
    Price will rise to allocate resources effectively.
    Price will remain unchanged to stabilize the market.
    Price will fall to eliminate the shortage.
    Price will decrease to encourage more buying.
    30s
  • Q11
    What is the primary purpose of economic models according to the text?
    To explain the behavior of consumers, firms, and markets.
    To summarize historical economic data.
    To define government policies.
    To create complex economic theories.
    30s
  • Q12
    What does the term 'ceteris paribus' refer to in economic models?
    All factors are considered.
    Only one variable is analyzed.
    Other things remain unchanged or equal.
    Changes in income are ignored.
    30s
  • Q13
    What does the law of demand state?
    There is an inverse relationship between quantity demanded and price.
    The quantity supplied decreases with lower prices.
    Higher prices always increase demand.
    Demand remains constant regardless of price.
    30s
  • Q14
    What happens when the demand curve shifts to the right?
    Demand increases.
    Equilibrium price decreases.
    Demand decreases.
    Supply decreases.
    30s
  • Q15
    According to the text, what effect does a leftward shift in the supply curve indicate?
    Supply decreases.
    Supply increases.
    Equilibrium quantity increases.
    Demand decreases.
    30s

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