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    Supply and Demand Quiz

    Uploaded by

    Rebecca Niezen
    Quiz on the basic concepts of supply and demand with real world applications. Also contains basic vocabulary matching portion.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Supply and Demand Quiz

    Uploaded by

    Rebecca Niezen
    234 views3 pages
    Quiz on the basic concepts of supply and demand with real world applications. Also contains basic vocabulary matching portion.

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    Quiz on the basic concepts of supply and demand with real world applications. Also contains basic vocabulary matching portion.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    234 views3 pages

    Supply and Demand Quiz

    Uploaded by

    Rebecca Niezen
    Quiz on the basic concepts of supply and demand with real world applications. Also contains basic vocabulary matching portion.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Pre-AP Macroeconomics Quiz 1

    Name_______________________
    Date ________________________
    1. Define the law of demand
    ________________________________________________________________________
    ________________________________________________________________________
    ________________________________________________________________________
    2. Define the law of supply
    ________________________________________________________________________
    ________________________________________________________________________
    ________________________________________________________________________
    Matching Match the vocabulary words with the correct definition
    3. _____ Consumer
    4. _____Goods
    5. _____Services
    6. _____Wants
    7. _____Needs
    8. _____Opportunity cost
    9. _____Specialization
    10. _____Competition

    a.
    b.
    c.
    d.
    e.
    f.
    g.
    h.

    When people do jobs that they are interested in and do best


    Someone who uses goods or services
    Things that people must have in order to survive
    A contest between businesses or people to get the most customers
    or best price
    Materials that are produced for people to buy or things that can
    be seen or touched (tangible)
    The thing you give up when making a choice between two things
    Things that people would like to have but can live without
    Jobs that people do for other people in return for pay (intangible)

    11. What is the basic economic problem? Explain.


    ________________________________________________________________________
    ________________________________________________________________________
    ________________________________________________________________________
    12. ____The supply curve is upward-sloping because:
    a. As price increases, so do costs
    b. As the price increases, consumers demand less
    c. As the price increases, suppliers can earn higher levels of profit or justify higher
    marginal costs to produce more
    d. None of the above
    e. All of the above

    13. ____Which of the following provides an example of complementary goods?


    a. Blue and black pens
    b. Toothbrush and toothpaste
    c. Apples and oranges
    d. Hamburgers and hotdogs
    14. ____When the supply curve shifts inwards, what is the effect on equilibrium price and
    quantity?
    a. Price increases, quantity decreases
    b. Price decreases, quantity increases
    c. Price increases, quantity increases
    d. Price decreases, quantity decreases
    15. ____If a new environmental tax is places on gasoline, what happens to the supply curve
    for cars?
    a. The demand curve shifts to the left
    b. The demand curve shifts to the right
    c. The supply curve shifts to the left
    d. The supply curve shifts to the right
    16. ____Which of the following is not a determinant for demand (shifters of the demand
    curve)?
    a. Substitute goods
    b. Complementary goods
    c. Income
    d. Technology
    e. None of the above
    f. All of the above are determinants of demand
    17. ____Which of the following are possible examples of substitute goods?
    a. Shampoo and conditioner
    b. Hamburgers and hotdogs
    c. Toothbrush and toothpaste
    d. Right and left shoes
    18. ____If Rose gets an increase in income and buys more of good X, then we can know that
    good X:
    a. Is an inferior good
    b. Is a normal good
    c. Is a Giffen good
    d. Is a substitute good with good Y
    19. ____Which of the following is not one of the 8 economic goals
    a. High levels of inflation to ensure producers make a lot of money
    b. Full employment
    c. Balance of trade with the rest of the world

    d. Economic freedom
    e. All of the above are part of the 8 economic goals
    f. None of the above
    20. Based on the table given, graph the supply and demand curves to find the market
    equilibrium price of fridge magnets sold at a souvenir store. Remember to label your
    graph!
    Price

    Quantity supplied

    Quantity demanded

    $3.00

    235

    196

    $2.89

    226

    203

    $2.74

    215

    210

    $2.60

    198

    219

    $2.55

    180

    228

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