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

Question 2 2. Which of the following is an example of a list of goods at a price that a person is willing to pay?

Question 3 3. What is the scope of a market demand schedule?

Question 4 4. Which of the following refers to a table that lists the demand for a product across all markets?

Question 5 5. Which of the following refers to a list of goods at a price that a person is willing to pay across all markets?

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Question 6 6. Demand has increased for goods and services. How would this be represented on a demand curve?

Question 7 7. The market supply schedule is a table that lists the quantity supplied in all economies at all possible _____.

Question 8 8. The cost per widget and the number of widgets to be supplied is shown on the _____.

Question 9 9. Which is the greatest factor in the shift of an upwards sloping supply curve?

Question 10 10. In which direction will the market supply curve slope when suppliers want to sell more goods at higher prices?

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Question 11 11. In which direction will a change in quantity shift the supply?

Question 12 12. A surplus exists when _____ occurs.

Question 13 13. Both the supply curve and the demand curve have shifted. What does this mean for the price?

Question 14 14. Which of the following refers to the point where the supply and demand curves intersect?

Question 15 15. 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?

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Question 16 16. Price is the greatest driver of the _____ economic rule.

Question 17 17. In what way will the change in price shift demand?

Question 18 18. In which direction would the demand curve slope when people buy fewer goods at higher prices?

Question 19 19. A shift in the supply of a good or service is impacted by all of the following except:

Question 20 20. Which of the following statements is FALSE regarding the supply curve?

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Question 21 21. When a market price is set below the market equilibrium price, a _____ exists, which will _____.

Question 22 22. When a market price is set above the market equilibrium price, a _____ exists, which will _____.

Question 23 23. What is the correct relationship between price and quantity demanded shown by the law of demand?

Question 24 24. Which of the following statements is inaccurate regarding the demand curve?

Question 25 25. An increase in household incomes across the nation leads to an increase for the demand for coffee. How would the demand/supply curve change?

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Question 26 26. What happens when the demand for and supply of a good increase simultaneously?

Question 27 27. The image shows the supply schedule for Bob's Low-Rider Lawn Mowing services. Which of the following statements is true regarding the supply of lawn cuts at a price of $25?

Question 28 28. What is a market supply schedule?

Question 29 29. What is quantity demanded?

Question 30 30. What is a market demand schedule?

Demand, Supply and Market Equilibrium Chapter 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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