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Demand, Supply and Market Equilibrium Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. In which direction will a change in quantity shift the supply?

Question 2 2. Which is the greatest factor in the shift of an upwards sloping supply curve?

Question 3 3. In which direction will the market supply curve slope when suppliers want to sell more goods at higher prices?

Question 4 4. Which of the following refers to a list of goods at a price that a person is willing to pay across all markets?

Question 5 5. Which of the following refers to a table that lists the demand for a product across all markets?

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Question 6 6. What is the scope of a market demand schedule?

Question 7 7. There is a request for 10 million widgets at $0.10 each. What is this called?

Question 8 8. Which of the following is an example of a list of goods at a price that a person is willing to pay?

Question 9 9. A surplus exists when _____ occurs.

Question 10 10. Which of the following refers to the point where the supply and demand curves intersect?

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Question 11 11. Both the supply curve and the demand curve have shifted. What does this mean for the price?

Question 12 12. Demand has increased for goods and services. How would this be represented on a demand curve?

Question 13 13. Price is the greatest driver of the _____ economic rule.

Question 14 14. In what way will the change in price shift demand?

Question 15 15. In which direction would the demand curve slope when people buy fewer goods at higher prices?

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Question 16 16. A new manufacturing technique has made the price of the widget so low that now people are willing to buy it. What principle is this an example of?

Question 17 17. The market supply schedule is a table that lists the quantity supplied in all economies at all possible _____.

Question 18 18. The cost per widget and the number of widgets to be supplied is shown on the _____.

Question 19 19. Why do economists use a a demand schedule?

Question 20 20. What is a market demand schedule?

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Question 21 21. Which of the following factors would NOT lead to a shift in the demand for an item?

Question 22 22. The demand curve below shows the demand for bananas at different prices. According to this demand curve, what quantity of bananas would be demanded at a price of 40 cents?

Question 23 23. The image is a demand and supply schedule for cakes. What is the market equilibrium price?

Question 24 24. When a market price is set above the market equilibrium price, a _____ exists, which will _____.

Question 25 25. What does a shift of the demand curve to the right indicate?

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Question 26 26. An increase in household incomes across the nation leads to an increase for the demand for coffee. How would the demand/supply curve change?

Question 27 27. What is a market supply schedule?

Question 28 28. What is quantity supplied?

Question 29 29. The _____ of a good, the _____ that suppliers are willing and able to supply.

Question 30 30. A shift in the supply of a good or service is impacted by all of the following except:

Demand, Supply and Market Equilibrium Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!

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