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Demand, Supply & the Economic Market 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. Things that affect demand for a product are...

Question 2 2. When the price of strawberries goes down, how many strawberries will people probably buy?

Question 3 3. How do economists define 'demand'?

Question 4 4. What will happen when a large segment of the population has increased demand for a product?

Question 5 5. What factors go into generating the market demand curve?

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Question 6 6. Why is the real equilibrium point difficult to find?

Question 7 7. What is the effect of a decline in the population of the buyers in the demand for goods or service?

Question 8 8. What is a demand curve?

Question 9 9. What happens to the demand if the income of the buyers decrease?

Question 10 10. An improvement in technology affecting businesses in country A will most likely lead to which of the following?

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Question 11 11. A shift in the supply of a good or service is impacted by all of the following except:

Question 12 12. The _____ of a good, the _____ that suppliers are willing and able to supply.

Question 13 13. Which of the following statements is NOT true regarding the market equilibrium?

Question 14 14. The image is a demand and supply schedule for cakes. What is the market equilibrium price?

Question 15 15. When a market price is set below the market equilibrium price, a _____ exists, which will _____.

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Question 16 16.

Please use the following data to identify the supply of oranges at $1.00.

Steve's Fruit Stand

  • $.25: 3,500
  • $.50: 2,000
  • $1.00: 2,600
  • $1.50: 850

Neil's Fruit Stand

  • $.25: 0
  • $.60: 1,000
  • $1.00:2,900
  • $1.50: 400

Question 17 17. To understand the market supply curve, you must first understand _____.

Question 18 18. What is a perfectly competitive market?

Question 19 19. The market for coffee is currently in equilibrium. If the demand for coffee decreases, which of the following would LEAST likely happen?

Question 20 20. What does a shift of the demand curve to the right indicate?

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Question 21 21. What happens when the demand for and supply of a good increase simultaneously?

Question 22 22. Why may a company intentionally limit supply when consumers want more of a product?

Question 23 23. According to the law of supply, how may a company respond when people are willing to pay more for a product?

Question 24 24. According to the law of supply, how may a company respond when people are not willing to pay the asking price for a product?

Question 25 25. A seller's propensity to provide a certain quantity of goods to the market for sale is based on which of the following?

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Question 26 26. Which one of the following is a factor that might result in a shift in a supply curve?

Question 27 27. What law states that supply will increase when price increase?

Question 28 28. What does the law of demand state?

Question 29 29. Which of the following factors would NOT lead to a shift in the demand for an item?

Question 30 30. 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?

Demand, Supply & the Economic Market 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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