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Demand, Supply & 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. When a market price is set above the market equilibrium price, a _____ exists, which will _____.

Question 2 2. What is quantity demanded?

Question 3 3. Which of the following statements is inaccurate regarding the demand curve?

Question 4 4. A shift of the supply curve to the right indicates which of the following?

Question 5 5. The image is a demand and supply schedule for cakes. What is the market equilibrium price?

Page 2

Question 6 6. 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 7 7. Which of the following statements is FALSE regarding the supply curve?

Question 8 8. What happens when the demand for and supply of a good increase simultaneously?

Question 9 9. When a market price is set below the market equilibrium price, a _____ exists, which will _____.

Question 10 10. The image illustrates the supply and demand for coffee. What is the equilibrium price (per pound) and quantity (pounds)?

Page 3

Question 11 11. Which of the following statements is NOT true regarding the market equilibrium?

Question 12 12. A shift in the supply of a good or service is impacted by all of the following except:

Question 13 13. What does a shift of the demand curve to the right indicate?

Question 14 14. Why do economists use a a demand schedule?

Question 15 15. 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?

Page 4

Question 16 16. A natural disaster strikes country A, destroying bakeries across half of the country. How will this affect the supply of cakes?

Question 17 17. An improvement in technology affecting businesses in country A will most likely lead to which of the following?

Question 18 18. 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 19 19. What does the law of demand state?

Question 20 20. How do economic drivers relate in the supply of a good or service?

Page 5

Question 21 21. The _____ of a good, the _____ that suppliers are willing and able to supply.

Question 22 22. Which of the following statements is FALSE regarding a supply schedule?

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 TRUE?

Question 25 25. What is a market supply schedule?

Page 6

Question 26 26. What is a market demand schedule?

Question 27 27. What is quantity supplied?

Question 28 28. Which of the following factors would NOT lead to a shift in the demand for an item?

Question 29 29. 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 30 30. The market for coffee is currently in equilibrium. If the demand for coffee decreases, which of the following would LEAST likely happen?

Demand, Supply & 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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