Civics Today Citizenship, Economics, & You

Chapter 21: Demand and Supply

Self-Check Quizzes

1
For demand to exist a consumer must ____.
A)have the desire to buy a good or service
B)have the money to buy a good or service
C)have the desire and willingness to buy a good or service
D)have the desire, willingness, and ability to buy a good or service
2
According to the law of demand, quantity demanded and price ____.
A)move in opposite directions
B)move in the same direction
C)are unrelated
D)can be determined separately
3
When demand decreases, the demand curve ____.
A)shifts to the left
B)shifts to the right
C)curves upwards
D)forms a horizontal line
4
An example of complementary goods would be ____.
A)margarine and butter
B)pens and pencils
C)computers and software
D)trains and airplanes
5
If changes in price have little effect on the demand for a product, the demand is considered ____.
A)elastic
B)static
C)inelastic
D)at equilibrium
6
When the price for a good rises, the quantity supplied will usually ____.
A)fluctuate wildly
B)fall
C)rise
D)stay the same
7
A supply curve ____.
A)slopes upward
B)slopes down
C)is horizontal
D)curves up and then down
8
When supply goes up, the supply curve ____.
A)shifts to the left
B)shifts to the right
C)curves down and then up
D)becomes a straight, vertical line
9
Minimum wage is an example of a ____.
A)price floor
B)price ceiling
C)price wall
D)price gateway
10
The point where the supply curve and the demand curve meet is the ____.
A)shortfall point
B)surplus point
C)adjustment price
D)equilibrium price
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