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Demand
Changes in Demand
Supply
Changes in supply
Competition
100

  1. Demand is defined as the different quantities or amounts of a resource, good, or service that consumers are _____________ to buy at various prices during a specific time period.


    1. Forced 

    2. Happy and able

    3. Willing and able 

    4. Willing and allowed 

Willing and Able 
100

  1. A determinant of demand is something that might cause consumers to demand more or less of a good or service no matter what the __________ is.

    1. Size

    2. Price

    3. Quality

    4. Quantity

Price 

100

  1. The law of supply states that producers are willing and able to supply more of a good or service at _________ prices and supply less of a good or service at __________ prices.

  2. lower, lower

  3. higher, lower

  4. lower, higher

  5. higher, higher

higher, lower

100

  1. A determinant of supply is something that might cause producers to supply more or less of a good or service no matter what the __________ is.


    1. Size

    2. Price

    3. Quality

    4. Quantity



Price 

100

  1. Competition takes place when there are many buyers and sellers of a product.

    1. True

    2. False  

True 

200

  1. According to the law of demand, when the price of a good decreases: 


    1. The quantity supplied of that good increases

    2. The quantity demanded of that good increases

    3. The quantity demanded of that good decreases

    4. The quantity demanded of that good stays the same

The quantity demanded of that good increases

200

  1. Which of the following is a determinant of demand?

    1. Change in price

    2. Change in tastes or fads

    3. Change in the number of producers

    4. Change in price of productive resources

Change in tastes or fads

200

  1. What type of resource occurs commonly in and on the earth and is used to produce goods and services?

  1. Human capital

  2. Capital resources

  3. Natural resources

  4. Intermediate goods

Natural resources

200

  1. Which of the following is a determinant of supply?

    1. Change in income

    2. Change in tastes or fads

    3. Change in the number of producers

    4. Change in the price of substitute goods

Change in the number of producers

200

  1. Which of the following is an example of non-price competition?

    1. Putting a product on sale

    2. Offering money-off coupons

    3. Improving a product’s quality

    4. Offering buy one, get one free deals



Improving a product’s quality

300

  1. The law of demand states that when the price of a good increases, the quantity of that good that people are willing and able to buy decreases.

    1. True

    2. False

True 
300

  1. Several thousand people move to Dover to find jobs at one of several new factories there. What is the effect of the change in population on the demand for housing in Dover?


    1. There is an increase in the supply of housing in Dover.

    2. There is no change in the demand for housing in Dover.

    3. There is a decrease in the demand for housing in Dover.

    4. There is an increase in the demand for housing in Dover.

 There is an increase in the demand for housing in Dover

300

  1. What type of resource includes people who do mental and/or physical work to produce goods and services?

    1. Human capital

    2. Capital resources

    3. Natural resources

    4. Intermediate goods



Human capital

300

  1. A change in cost of production of a good can happen as a result of:

    1. A change in the quantity demanded of that good.

    2. A change in the price producers are willing to sell that good for.

    3. A change in the price consumers are willing to pay for that good.

    4. A change in the price of productive resources or intermediate goods used to produce that good.

A change in the price of productive resources or intermediate goods used to produce that good.

300

  1. Which of the following is an example of price competition?

    1. Customer service

    2. Putting a product on sale

    3. Changing a product’s design

    4. Improving a product’s quality

Putting a product on sale

400

  1. A demand schedule shows:

    1. The quantity supplied of a good at one price over time.

    2. The quantity demanded of a good at one price over time.

    3. The quantity demanded of a good at various prices during a specific time period.

    4. The quantity supplied of a good at various prices during a specific time period.

C The quantity demanded of a good at various prices during a specific time period.

400

  1. The state of Delaware gives a pay raise to every person who works for the state (teachers, police officers, judges, etc.). What is the effect of the change in income on the demand for steak in Delaware?

    1. There is an increase in the supply of steak in Delaware.

    2. There is no change in the demand for steak in Delaware.

    3. There is a decrease in the demand for steak in Delaware.

    4. There is an increase in the demand for steak in Delawar

4. There is an increase in the demand for steak in Delaware.

400

  1. What type of resource includes goods that are made by people and used to produce other goods and services? 


    1. Human capital

    2. Capital resources

    3. Natural resources

    4. Intermediate goods



Intermediate goods

400

  1. The price of cheddar cheese used to make frozen macaroni and cheese increases. What is the effect of this change in cost of production on the supply of macaroni and cheese?

  2. There is an increase in the demand for macaroni and cheese.

  3. There is an increase in the supply of macaroni and cheese. 

  4. There is a decrease in the supply of macaroni and cheese.

  5. There is no change in the supply of macaroni and cheese.

There is a decrease in the supply of macaroni and cheese.

400

  1. Which of the following is not a way buyers benefit from competition?

    1. Lower product prices

    2. Fewer services available

    3. Increased product quality

    4. Greater variety of products

Fewer services available

500

  1. Priya likes both jeans and sweatpants about the same. When the price of a pair of jeans increases, she buys more pairs of sweatpants. This is an example of:

    1. The substitution effect

    2. The income effect

    3. The supply effect

    4. The price effect

The substitution effect

500

The headline below appears in social media and newspapers around the country.

 Viral Tik Tok Challenge Has People Making Jewelry From Skittles Candy

What is the effect of this new fad on the demand for Skittles candy?

  1. There is an increase in the demand for Skittles.

  2. There is a decrease in the demand for Skittles.

  3. There is no change in the demand for Skittles.

  4. There is an increase in the supply of Skittles.


There is an increase in the demand for Skittles.

500

  1. Intermediate goods: 

  1. Are people who do mental and/or physical work to produce goods and services.

  2. Occur naturally in and on the earth and are used to produce goods and services.

  3. Are goods made by people to provide a service to others.

  4. Are made by people and used to produce other goods

Are made by people and used to produce other goods and services. 

500

 

  1. Two new bubble tea shops open near Delaware State University in Dover, Delaware. What is the effect of this change in the number of producers on the supply of bubble tea?

  1. There is a decrease in the demand for bubble tea.

  2. There is an increase in the supply of bubble tea. 

  3. There is a decrease in the supply of bubble tea.

  4. There is no change in the supply of bubble tea.

There is an increase in the supply of bubble tea.

500

  1. Mariana owns a barbecue restaurant. What is an example of non-price competition that she could use to compete for customers?

    1. Offering buy one, get one free side items

    2. Lowering the price of her barbecue chicken

    3. Hiring local bands to perform at her restaurant on weekends 

    4. Handing out coupons giving customers $5.00 off their orders

?Hiring local bands to perform at her restaurant on weekends