1) What is demand? a) quantity of a good that consumers are willing and able to buy b) the price of a good c) a determinant of supply d) the amount of people who want a product 2) What is a market? a) a result of price mechanism b) buyers and sellers meeting and making an exchange for an agreed price c) the amount of people who want a product d) where supply meets demand 3) What would would the demand curve of ice cream shift to the left? a) unusually hot weather  b) unusually cold weather  c) good advertisements d) decrease in cone prices 4) what would happen to the demand for pepsi if coca cola reduced their prices? a) decrease b) increase c) no change 5) The government increase taxes. What happens to the market for coca cola? (multiple correct answers) a) price decreases b) demand decreases c) price increases d) demand increases 6) what is a subsidy? a) when demand meets supply b) an indirect tax that increases producer's costs c) money given to a company to encourage supply d) when supply is greater than demand 7) what would you call excess supply? (multiple correct answers) a) shortage b) surplus c) subsidy d) glut e) equilibrium f) leftovers 8) true or false: the lower the equilibrium price, the more supplied a) true b) false 9) which one is a determinant of demand a) production costs b) profit motive c) changes in global trends  d) new entrants into the market 10) what is market equilibrium a) demand=supply b) demand>supply c) demand<supply d) demand+supply

Economics Quiz

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