Supply and Demand

Supply and Demand

11th - 12th Grade

25 Qs

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Supply and Demand

Supply and Demand

Assessment

Quiz

Social Studies

11th - 12th Grade

Medium

Created by

Amy Riley

Used 141+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If demand is elastic, _____.
a. the demand curve will shift to the right
b. the price effect is weak
c. the demand curve will shift to the left
d. the price effect is strong

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person buys a new car, but does not buy a second one. This illustrates _____.
a. movement along the demand curve
b. a shift in demand
c. diminishing personal value
d. a change in demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If demand is inelastic, _____.
a. the quantity demanded rises as the price goes up
b. the price effect is strong
c. the price effect is weak
d. the quantity demanded goes down as the price falls

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

“The quantity demanded varies inversely with the price” is known as the law of demand.
True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not a reason for a shift in demand?
a.  The season or holiday has passed.
b. People expect a change in the future.
c. Peoples’ taste and styles change.
d. Diminishing personal value

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand is inelastic if many people choose not to buy because of price.
True 
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price for fish rises in the supermarket, _____.
a. the demand curve for fish will shift to the right
b. the demand curve for fish will shift to the left
c. the quantity of beef sold will rise
d. the quantity of beef sold will fall

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