PFLE Supply Quiz

When we talk about consumers buying more or less of products, what are we talking about?

• Demand

• Wages

• Supply

• Intrest

When we talk about businesses selling more or less of a product, what are we talking about?

• Demand

• Wages

• Supply

• Intrest

If we want to consider the reasons that DEMAND changes, which acronym would  think about?

• PINER

• SCENT

• WAGWOOD

• SEC

If the price of Cheeto's goes UP, what will happen to consumer demand for Cheeto's

• demand would increase

• demand would decrease

• demand would stay the same

• quantity demanded would increase

If the grocery store puts jars of queso on sale, what might happen to the demand for tortilla chips?

• demand would increase

• demand would decrease

• demand would stay the same

• quantity demanded would increase

If the grocery store puts jars of queso on sale and the demand for tortilla chips changes, this is an example of what?

• PINER Income change

• PINER Related goods

• SCENT cost of production

• SCENT subsidy change

If we want to consider the reasons that SUPPLY changes, which acronym would we think about?

• PINER

• SCENT

• WAGWOOD

• SEC

If you own a lawn mowing business, what happens to your business if the price of gasoline goes up to $10 per gallon

• I make more profit

• I make less profit

• My business doesn't change

Which of the following is the goal of a business?

• to pay taxes

• to make revenue

• to make profit

• to help people

Law of supply:  when the price goes up, the supply of the product goes

• up

• down

• stays the same

• it becomes stagnant