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Supply & Demand Review

Quiz by Jessee Hankins

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25 questions
Show answers
  • Q1
    Which economic term is defined as the desire to have a good or service and the ability to pay for it?
    Substitute
    Elasticity
    Demand
    Complement
    30s
  • Q2
    Which of the following restates the law of demand?
    When prices go down, quantity demanded increases; when prices go up, quantity demand decreases
    When prices go down, demand decreases; when prices go up, demand increases
    When prices go down, quantity demand decreases; when prices go up, quantity demand increases
    When prices go down, demand increases; when prices go up, demand decreases
    30s
  • Q3
    What is demand schedule?
    a table showing how much of a product a market is willing and able to buy
    a graph showing how much of a product a market is willing and able to buy
    a table showing how much of a product an individual is willing and able to buy
    a graph showing how much of a product an individual is willing and able to buy
    30s
  • Q4
    What is a demand curve?
    a table showing how much of a product a market is willing and able to buy
    a graph showing how much of a product an individual is willing and able to buy
    a graph showing how much of a product a market is willing and able to buy
    a table showing how much of a product an individual is willing and able to buy
    30s
  • Q5
    Which term means goods that consumers demand more of when their incomes rise
    inferior goods
    normal goods
    complementary goods
    substitute goods
    30s
  • Q6
    If quantity demanded changes significantly when price changes, how is demand described?
    elastic
    inconsistent
    constant
    inelastic
    30s
  • Q7
    Which of the following describes a demand curve?
    It is bow-shaped.
    It slopes downward from left to right.
    It slopes downward from right to left.
    It is a horizontal line.
    30s
  • Q8
    Skiers flock to a town in the Rockies in January, and restaurant business booms. What factor is affecting demand?
    Change in substitutes
    Change in consumer income
    Change in market size
    Change in consumer taste
    30s
  • Q9
    Many U.S. consumers have switched to wireless phones from traditional telephones. Which factor is affecting demand?
    Change in substitutes
    Change in market size
    Change in complements
    Change in consumers' tastes and preferences
    30s
  • Q10
    The desire and ability to produce and sell a product is
    demand.
    supply.
    production.
    profit.
    30s
  • Q11
    The law of supply states that
    when prices go up, quantity supplied decreases; when prices go down, quantity supplied increases
    when prices go down, supply increases; when prices go up, supply decreases
    when prices go up, quantity supplied goes up; when prices go down, quantity supplied goes down
    when prices go up, supply increases; when prices go down, supply decreases
    30s
  • Q12
    What motivates producers to increase supply?
    profit
    efficiency
    thrift
    demand
    30s
  • Q13
    What is the most likely outcome when the number of producers of a particular product rises?
    a decrease in competition
    an increase in supply
    a decrease in supply
    a rise in price
    30s
  • Q14
    Elasticity of supply measures how responsive
    consumers are to a price change.
    government is to a price change.
    workers are to a price change.
    producers are to a price change.
    30s
  • Q15
    What do both elasticity of demand and elasticity of supply measure?
    Responsiveness to quantity
    Desires of producers
    Responsiveness to price
    Desires of consumers
    30s

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