Q.1
What happens if there is surplus?
  • Sellers offer their products by lowering the price
  • Sellers offer their products by raising the price
  • Buyers are easy to find
  • Sellers stick to the price they are offering
Q.2
What do you call the amount where consumers get what they want and suppliers could sell what they’re offering?
  • Quantity Demanded
  • Quantity Supplied
  • Equilibrium price
  • Equilibrium quantity
Q.3
Equilibrium divides the demand curve in to two. What are these parts?
  • Buyers
  • Non Buyers
  • Sellers
  • Both A & B
Q.4
Equilibrium divides the supply curve in to two. What are these parts?
  • Non Sellers
  • Sellers
  • Buyers
  • Both A & B
Q.5
What do you call the difference between the maximum price a consumer is willing to pay and the actual price they do pay?
  • Surplus
  • Consumer Surplus
  • Shortage
  • Producer Surplus
Q.6
What is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for?
  • Shortage
  • Surplus
  • Consumer Surplus
  • Producer Surplus
Q.7
Which is TRUE about shortage?
  • The quantity demanded is greater than the quantity supplied.
  • Buyers are easy to find because the quantity demanded is high.
  • Sellers take the opportunity to increase their price since there is an urgent need.
  • All of above
Q.8
What is a waste?
  • The price set by the supplier is higher than the price that the consumers are willing to pay at a given quantity.
  • The price set by the supplier is lesser than the price that the consumers are willing to pay at a given quantity.
Q.9
H2(g)+Cl2(g)⇌2HCl(g)The forward reaction is exothermic. What will happen to the equilibrium if the temperature is increased?
  • equilibrium shifts right
  • equilibrium shifts left
  • You cannot predict the effect
  • no change
Q.10
H2(g)+Cl2(g)⇌2HCl(g)Increasing the pressure will
  • shift equilibrium right
  • shift equilibrium left
  • You cannot predict the effect
  • have no change
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