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

Question 2 2. Which of the following refers to a table that lists the demand for a product across all markets?

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

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

Question 7 7. The cost per widget and the number of widgets to be supplied is shown on the _____.

Question 8 8. Both the supply curve and the demand curve have shifted. What does this mean for the price?

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

Question 12 12. 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 13 13. In which direction would the demand curve slope when people buy fewer goods at higher prices?

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

Question 15 15. Demand has increased for goods and services. How would this be represented on a demand curve?

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Question 16 16. In which direction will the market supply curve slope when suppliers want to sell more goods at higher prices?

Question 17 17. In which direction will a change in quantity shift the supply?

Question 18 18. Which is the greatest factor in the shift of an upwards sloping supply curve?

Question 19 19. Which of the following statements is NOT true regarding the market equilibrium?

Question 20 20. The image illustrates the supply and demand for coffee. What is the equilibrium price (per pound) and quantity (pounds)?

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Question 21 21. What is the correct relationship between price and quantity demanded shown by the law of demand?

Question 22 22. Which of the following statements is inaccurate regarding the demand curve?

Question 23 23. What is quantity supplied?

Question 24 24. Which of the following statements is FALSE regarding a supply schedule?

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. An improvement in technology affecting businesses in country A will most likely lead to which of the following?

Question 28 28. The _____ of a good, the _____ that suppliers are willing and able to supply.

Question 29 29. 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 30 30. What is quantity demanded?

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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