ML FBLA Exploring Economics - Supply and Demand

ML FBLA Exploring Economics - Supply and Demand

6th - 8th Grade

20 Qs

quiz-placeholder

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ML FBLA Exploring Economics - Supply and Demand

ML FBLA Exploring Economics - Supply and Demand

Assessment

Quiz

Business

6th - 8th Grade

Easy

Created by

Jennifer Parker

Used 2+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

As price decreases, demand increases

As price increases, demand increases

As price stays the same, demand stays the same

As price decreases, supply increases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of supply?

As price increases, supply decreases

As price decreases, supply decreases

As price increases, supply increases

As price stays the same, supply stays the same

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when there is a high demand for a product and the supply is low?

Prices tend to decrease

Prices tend to stay the same

Prices tend to increase

Prices become unpredictable

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a product that would have high demand when the price is low?

Gasoline

Electronics

Candy

Designer clothes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When supply increases, what typically happens to the price of a good?

The price rises

The price stays the same

The price decreases

The price becomes unpredictable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a market equilibrium?

When supply is greater than demand

When demand is greater than supply

When supply and demand are equal

When prices keep rising

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the point where supply and demand curves intersect?

Price ceiling

Equilibrium price

Shortage

Surplus

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