Entrepreneurship — Unit test Answers
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How do changing prices affect supply and demand?
A
As price increases, both supply and demand increase.B
As price decreases, both supply and demand decrease.C
As price increases, supply decreases, but demand increases.D
As price decreases, supply decreases, but demand increases.2
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Which statement best compares the laws of supply and demand?
A
The two economic laws exist in theory. They have no relation to economics in the real world.B
The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.C
The two economic laws work in practice. They apply to real-world economics eighty percent of the time.D
The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.3
Which statement best explains the law of demand?
A
The quantity demanded by consumers increases as prices rise, then decreases as prices fall.B
The quantity demanded by consumers decreases as prices rise, then increases as prices fall.C
The quantity demanded by producers increases as prices rise, then decreases as prices fall.D
The quantity demanded by producers decreases as prices rise, then increases as prices fall.4
According to the law of supply, price and quantity move
A
along a track in the same direction.B
along a track in opposite directions.C
from different points toward one another.D
from the same point away from one another.5
The point where supply and demand meet and prices are set is called
A
coordination.B
correspondence.C
equality.D
equilibrium.6
The chart compares the price of graphic T-shirts to the quantity demanded.
A
interest in a product and the price a consumer pays.B
interest in a product and the price a producer pays.C
amount of a product and the price a consumer pays.D
amount of a product and the price a producer pays.7
The vertical axis of a demand curve shows
A
the price of a product.B
the supply of a product.C
the interest in a product.D
the production cost of a product.8
According to the law of demand, price and quantity move
A
along a track in the same direction.B
along a track in opposite directions.C
from different points toward one another.D
from the same point away from one another.9
The amount of goods and services consumers want is called the
A
count.B
demand.C
number.D
supply.10
On a supply and demand graph, equilibrium is the point where
A
the two curves meet.B
the supply curve begins.C
the supply curve ends.D
the demand curve ends.Did you find these answers helpful?
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