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1. What might happen if the demand for a new type of sneaker began rising quickly?
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The manufacturer would begin making fewer sneakers
The sneaker company would raise the price of the sneakers
People would refuse to pay more money for the sneakers
The sneaker company would lower the price of the sneakers
2. According to the laws of supply and demand, when will companies produce more of a product?
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When the price people will pay for it goes down
When demand decreases
When they can sell it for a higher price
When the economy turns downward
3. Which of these is neither a good nor a service?
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A gallon of gasoline
A piano lesson
A meal at restaurant
A $20 bill
4. The equilibrium point is at the confluence of the supply and demand curves. What does "confluence" mean?
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Topmost point
Intersection
Midpoint
Lowest point
5. Who would set the equilibrium point for the price of a new type of sneaker?
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The manufacturer
The consumer
Either A or B - it depends on the cost to produce the sneaker
Neither A nor B - the equilibrium point is set by market forces
6. Why do prices go down when consumers start saving their money?
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Consumers become less willing to spend money on goods and services
Manufacturers start producing fewer products
Demand fo currency goes up as people begin saving
Demands for goods begins to outpace supply
7. What is likely to happen if the price of a new pair of sneakers went up?
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Demand for sneakers would increase
Demand for sneakers would decrease
Merchants would begin offering sales on the sneakers
It would be impossible to find a pair in stores
8. What factor is most likely to cause an increase in demand for a new type of automobile?
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A commercial in which the car is endorsed by a popular celebrity
A comedian making fun of the car on late-night TV
A rumor that the car's gas tank is prone to explosion
The price of the car going up
9. Which condition would lead to the highest prices?
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Low supply, high demand
High supply, high demand
High supply, low demand
Low supply, low demand
10. When do we say that the market has "cleared?"
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When consumers begin saving their money
When demand outpaces supply
When supply outpaces demand
When supply and demand balance out
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