Economics Quiz

According to the Law of Demand, what happens to quantity demanded as price goes up?

• It increases

• It decreases

• It fluctuates

• It remains the same

What can easily sway people's preferences and affect the demand for a good or service?

• Trade restrictions

• Related goods and services

• Expectations of consumers

• Income of buyers

If the demand for hot dogs decreases, what will happen to the demand for hot dog buns?

• It will remain the same

• It will fluctuate

• It will increase

• It will decrease

What are goods or services that go together and have a complementary relationship?

• Complement goods

• Substitute goods

• Inferior goods

• Normal goods

If the price of ground turkey increases, what will happen to the demand for ground beef?

• It will increase

• It will fluctuate

• It will decrease

• It will remain the same

What factor affects demand based on the number of buyers in the market?

• Income of buyers

• Related goods and services

• Buyer numbers change

• Tastes and preferences

What do people buy based on their expectations of future needs?

• Expectations of consumers

• Price of goods rising in the future

• Pandemics

• Seasonal things

According to the Law of Supply, what happens to quantity supplied as price goes up?

• It increases

• It fluctuates

• It remains the same

• It decreases

What factor affects supply when there is a shortage of resources needed for production?

• Producers' expectations

• Number of sellers

• Technology

• Resources

If new technology is discovered to increase production efficiency, what will happen to the supply curve?

• It will increase

• It will fluctuate

• It will decrease

• It will remain the same