Supply, Demand & 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. How do economic drivers relate in the supply of a good or service?

Question 2 2. A movement along the supply curve is caused by:

Question 3 3. All of the following are true about the demand curve in microeconomics, except what?

Question 4 4. The _____ of a good, the _____ that suppliers are willing and able to supply.

Question 5 5. Which of the following statements is FALSE regarding the supply curve?

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Question 6 6. Which of the following statements is TRUE?

Question 7 7. How would we describe a supply surplus in terms of supply and demand?

Question 8 8. What is quantity demanded?

Question 9 9. If a shoe store was running a big sale over the weekend, what would they be hoping to do?

Question 10 10. When a market price is set above the market equilibrium price, a _____ exists, which will _____.

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Question 11 11. All of the following can cause the supply curve to shift, EXCEPT:

Question 12 12. _____ refers to the various quantities offered for sale at various prices.

Question 13 13. Bribery can be _____, but of course is illegal.

Question 14 14. All of the following can cause demand to shift, EXCEPT:

Question 15 15. 'All else constant' when discussing the relationship between price and quantity demanded means we should not consider other potential shift factors of demand such as what?

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Question 16 16. On a normal demand curve, if we know an individual will demand five units of a good when the good is priced at $5, what statement is MOST LIKELY true if the price of the good changes to $4?

Question 17 17. A natural disaster strikes country A, destroying bakeries across half of the country. How will this affect the supply of cakes?

Question 18 18. The market for coffee is currently in equilibrium. If the demand for coffee decreases, which of the following would LEAST likely happen?

Question 19 19. Why do economists use a a demand schedule?

Question 20 20. ____ can cause a new market equilibrium point to be created.

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Question 21 21. What is a market demand schedule?

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

Question 23 23. If the supply curve shifts to the left, what most likely happened?

Question 24 24. Which of the following would likely cause an increase in demand for a good?

Question 25 25. A _____ demand curve is a horizontal sum of all the individual demand curves put together.

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Question 26 26. If the price of televisions were to fall, then how would the market be affected?

Question 27 27. The image illustrates the supply and demand for coffee. What is the equilibrium price (per pound) and quantity (pounds)?

Question 28 28. Which of the following intersect at market equilibrium?

Question 29 29. How is a supply and demand graph affected by a supply surplus?

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?

Supply, Demand & 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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