Multiple Choice Questions

The point where supply and demand meet and prices are set is called
  • (X) an increase in consumer interest in a product.
  • the price of a product.
  • supply.
  • equilibrium.
The graph examines the market for graphic T-shirts.Based on the graph, which event could cause the change shown?
  • (X) As price increases, supply decreases, but demand increases.
  • (X) an increase in consumer interest in a product.
  • interest in a product and the price a consumer pays.
  • (X) A product is restocked on store shelves and is ready for customer purchase.
Which statement best compares the laws of supply and demand?
  • (NOT SURE) The demand for dryers would most likely decrease as the price for washing machines dropped.
  • (X) The two economic laws work in practice. They apply to real-world economics eighty percent of the time.
  • (X) As price increases, supply decreases, but demand increases.
  • (X) an increased interest in antique furniture over modern furniture
A market supply schedule shows
  • (NOT SURE) The demand for dryers would most likely decrease as the price for washing machines dropped.
  • (NOT SURE) the individual tastes and preferences of buyers.
  • (NOT SURE) the prices and quantity in an entire market.
  • (X) They tend to decrease the interest in a product.
How might a drop in price for washing machines affect the demand for dryers?
  • (X) The two economic laws work in practice. They apply to real-world economics eighty percent of the time.
  • (NOT SURE) the prices and quantity in an entire market.
  • (NOT SURE) The demand for dryers would most likely decrease as the price for washing machines dropped.
  • (NOT SURE) the individual tastes and preferences of buyers.
According to the law of demand, price and quantity move
  • (X) The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
  • (NOT SURE) The quantity supplied by producers decreases as prices rise and increases as prices fall.
  • (X) As price increases, supply decreases, but demand increases.
  • along a track in opposite directions.
Which statement best explains the law of demand?
  • (X) The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
  • (NOT SURE) The quantity supplied by producers decreases as prices rise and increases as prices fall.
  • (X) The two economic laws work in practice. They apply to real-world economics eighty percent of the time.
  • along a track in opposite directions.
According to the law of supply, price and quantity move
  • (NOT SURE) The quantity supplied by producers decreases as prices rise and increases as prices fall.
  • (X) As price increases, supply decreases, but demand increases.
  • along a track in opposite directions.
  • (X) The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
The total amount of a product available in a market at a given price is called the
  • supply.
  • (NOT SURE) The demand for dryers would most likely decrease as the price for washing machines dropped.
  • equilibrium.
  • interest in a product and the price a consumer pays.
The chart compares the price of graphic T-shirts to the quantity demanded. This chart shows the link between
  • (X) an increase in consumer interest in a product.
  • (X) A product is restocked on store shelves and is ready for customer purchase.
  • (NOT SURE) the individual tastes and preferences of buyers.
  • interest in a product and the price a consumer pays.
A factor that most directly affects the demand for automobiles is
  • (X) an increased interest in antique furniture over modern furniture
  • (NOT SURE) the prices and quantity in an entire market.
  • (NOT SURE) The demand for dryers would most likely decrease as the price for washing machines dropped.
  • (NOT SURE) the individual tastes and preferences of buyers.
Which statement best explains the law of supply?
  • (NOT SURE) The quantity supplied by producers decreases as prices rise and increases as prices fall.
  • (X) The two economic laws work in practice. They apply to real-world economics eighty percent of the time.
  • (X) The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
  • along a track in opposite directions.
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Multiple Choice Questions
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