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Unit 2.1-2.3: Multiple choice quiz

 

1. What is a market in Economics?

 

2. For a product to be demanded which of the following conditions must be met?

 

3. Demand can be described as:

 

4. What does the following diagram show?

 

5. The diagram on the right shows a demand curve for which type of product?

 

6. Demand for bread will be most influenced by:

 

7. What factors might cause a rise in demand for public transport in a city?

 

8. Europe has a relatively old and aging population.  Which firms are likely to see a rise in sales for their products in the future?

 

9. Supply is ______

 

10. Which of the following might lead to a left shift in the world wide supply curve for Pepsi?

 

11. The US government introduces a minimum wage.  Which of the following scenarios describes the impact on Burger King

 

12. There is a rise in the popularity of a good or service.  At the same time the firms production costs rise.  Explain the effect on demand and supply for the product.

 

13. Which of the following firms would be most affected by a rise in the level of minimum wage:

 

14. A movement from A to B could have been caused by which of the following:

 

15. A movement from A to C could have been caused by which of the following:

 

 

 

 

 

 

 

17. A movement from B to C could have been caused by the following:

 

 

 

 

 

 

 

18. Which of the following describes consumer surplus:

 

19. Which of the following describes producer surplus:

 

20. If the selling price is above the equilibrium level then _________

 

Total Score:

This quiz is also available as a PDF file at: Quiz on demand and supply