Supply and Demand

Supply and Demand

6th - 12th Grade

8 Qs

quiz-placeholder

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Supply and Demand

Supply and Demand

Assessment

Quiz

Social Studies

6th - 12th Grade

Medium

Created by

Kyle OFier

Used 2+ times

FREE Resource

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a supply and demand graph, the point in which the supply line and demand line cross is called what?

rise

hop

equilibrium

fold

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand is an economic principle that describes a consumers desire and willingness to pay a price for a specific

surchage

good or service

limited resource

expansion

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inflation refers to a general increase in prices and fall in the purchasing value of money.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is known as the "basic economic problem" meaning that these goods/resources may not always exist?

Supply

Demand

Scarcity

Complementary Goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a complementary good would be Pepsi and Coca Cola.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If there is a drought in strawberries and more people want strawberries than there are available, there is a high ________ for strawberries.

Demand

Surcharge

Quantity

Additive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is not a real-world scarcity example?

oil

water

space and time

land

8.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Inflation can occur when prices rise due to

increases in production costs

increases in wages

increased cost of imported goods

decrease in materials