Copyright

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!

Page 1

Question 1 1. Which of the following refers to a list of goods at a price that a person is willing to pay across all markets?

Question 2 2. There is a request for 10 million widgets at $0.10 each. What is this called?

Question 3 3. Which of the following refers to a table that lists the demand for a product across all markets?

Question 4 4. Which of the following is an example of a list of goods at a price that a person is willing to pay?

Question 5 5. What is the scope of a market demand schedule?

Page 2

Question 6 6. In which direction will the market supply curve slope when suppliers want to sell more goods at higher prices?

Question 7 7. In which direction will a change in quantity shift the supply?

Question 8 8. Which is the greatest factor in the shift of an upwards sloping supply curve?

Question 9 9. The market supply schedule is a table that lists the quantity supplied in all economies at all possible _____.

Question 10 10. The cost per widget and the number of widgets to be supplied is shown on the _____.

Page 3

Question 11 11. Demand has increased for goods and services. How would this be represented on a demand curve?

Question 12 12. In which direction would the demand curve slope when people buy fewer goods at higher prices?

Question 13 13. In what way will the change in price shift demand?

Question 14 14. Price is the greatest driver of the _____ economic rule.

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?

Page 4

Question 16 16. A surplus exists when _____ occurs.

Question 17 17. Which of the following refers to the point where the supply and demand curves intersect?

Question 18 18. Both the supply curve and the demand curve have shifted. What does this mean for the price?

Question 19 19. This image shows the market demand schedule for bananas. If the price goes from 60 cents to 40 cents, how many more bananas will be purchased per week?

Question 20 20. Which of the following statements is TRUE?

Page 5

Question 21 21. What does a shift of the demand curve to the right indicate?

Question 22 22. The market for coffee is currently in equilibrium. If the demand for coffee decreases, which of the following would LEAST likely happen?

Question 23 23. The image illustrates the supply and demand for coffee. What is the equilibrium price (per pound) and quantity (pounds)?

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

Question 25 25. Which of the following statements is inaccurate regarding the demand curve?

Page 6

Question 26 26. 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 27 27. What is quantity supplied?

Question 28 28. What is a market supply schedule?

Question 29 29. A shift in the supply of a good or service is impacted by all of the following except:

Question 30 30. Which of the following statements is FALSE regarding the supply curve?

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!

Economics 102: Macroeconomics  /  Business Courses
Support