G7 - Practice for First Test - February 2023

Demand means

• the amount of a good or service that consumers are willing to buy.

• is the amount of a good or service produced.

• is the price that is demanded by consumers.

• None of the above.

What is supply?

• Willingness to buy a specific good and services for a given price

• Willingness to sell a specific good and services for a given price

• An increase in the price, a decrease in the quantity supplied

• An increase in the price causes an increase in the quantity supplied

What is the law of demand?

• An increase price causes an increase quantity demanded.

• An increase in the price, a decrease in the quantity supplied

• An increase in the price, a decrease in the quantity demanded

• An increase in the price causes an increase in the quantity supplied.

What is the law of supply?

• An increase in the price, a decrease in the quantity supplied

• An increase price causes an increase quantity demanded.

• An increase in the price, a decrease in the quantity demanded

• An increase in the price causes an increase in the quantity supplied

Point at which supply and demand come together

• price ceiling
• excess demand
• equilibrium
• disequilibrium

When quantity demanded is more than quantity supplied

• price ceiling
• excess demand
• equilibrium
• disequilbrium

When quantity supplied is not equal to quantity demanded

• price ceiling
• excess demand
• equilibrium
• disequilibrium

When quantity supplied is greater than the quantity demanded, what is the condition know as?

• abundant supply
• disequilibrium
• excess availability
• excess supply.