FREE ECONOMICS AND STUDY GAMES ABOUT SUPPLY

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FREE ECONOMICS AND STUDY GAMES ABOUT SUPPLY

AND DEMAND SG EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -30 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: A chart that lists how much of a good all suppliers will offer at different prices is a?

Answer:

Market supply schedule Question 2: A measure of how people change their buying patterns when prices change in what?

Answer:

Elasticity of demand Question 3: What is the name of the smallest amount that can legally be paid to most workers for an hour of work?

Answer:

Minimum wage

Question 4: A graphic representation of a demand schedule is a?

Answer:

Demand curve

Question 5: What is an example of a variable cost in a major league baseball franchise?

Answer:

Ticket-takers' salaries Question 6: What kind of table lists the quantity of a good that a person will buy at different prices?

Answer:

Demand schedule

Question 7: A payment to the government on the production or sale of a good is?

Answer:

Excise tax Question 8: What happens when consumers react to an increase in a good's price by consuming less of that good and more of other goods?

Answer:

Substitution effect

Question 9: What does unitary elastic demand mean?

Answer:

The percentage change in quantity demanded is exactly equal to the percentage change in price.Question 10: When the selling price of a good goes up, what is the relationship to the quantity supplied?

Answer:

It becomes practical to produce more goods.

Question 11: A good that replaces another demanded good is a?

Answer:

Substitute Question 12: A chart that lists how much of a good a supplier will offer at various prices is a?

Answer:

Supple schedule

Question 13: What is a company 's total revenue?

Answer:

The amount a company receives for selling its goods.

Question 14: A government payment that supports a business or market is a?

Answer:

Subsidy Question 15: The tendency of suppliers to offer more of a good at a higher price is?

Answer:

Law of supply Question 16: When a consumer is able and willing to buy a good or service, he or she creates which of the following?

Answer:

Demand Question 17: Which of the following is an example of government influence on supply?

Answer:

Subsidies

Question 18: Which of the following is a fixed cost for a store?

Answer:

Rent Question 19: The price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price?

Answer:

The quantity of demanded movie tickets will decrease.

Question 20: Which of the following is the best example of the law of supply?

Answer:

A sandwich shop increases the number of sandwiches they supply every day when the price in increased.

Question 21: What is a basic principle of the law of demand?

Answer:

When a good's price is lower, people will buy more of it.Question 22: What happens when wages are set above the equilibrium level by law?

Answer:

Firms employ fewer workers than they would at the equilibrium wage.

Question 23: What does it mean when the demand for a product is inelastic?

Answer:

A price increase does not have a significant impact on buying habits.

Question 24: A shift in the demand curve means which of the following?

Answer:

A change in demand at every price.

Question 25: What is the effect of import restrictions on prices?

Answer:

They cause prices to rise.Question 26: Which of the following is an example of lower production costs brought about by the use of technology?

Answer:

The use of email to replace slower surface mail.

Question 27: A shortage will develop when the market price?

Answer:

Is below the equilibrium price.Question 28: When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

Answer:

Equilibrium