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1. Distributing a limited amount of resources is known as ________________.
a. surplus
b. rationing
c. deflation
2. More products and services than consumers need is known as ____________.
a. equilibrium
b. deflation
c surplus
3. Which of the following describes when the consumer need is greater than the amount available?
a. shortage
b. surplus
c. deflation
4. The desire and ability to pay for goods and services is called ______________.
a. supply
b. deflation
c. demand
5. Which of the following means that supply and demand are equal and that their curve lines intersect?
a. equilibrium
b. inflation
c. deflation
6. The amount of goods and services available to be sold is called ____________.
a. demand
b. supply
c. surplus
7. Which of the following means there is a rise in the price of goods and services?
a. deflation
b. shortage
c. inflation
8. Which of the following means there is a decrease in the price of goods and services?
a. rationing
b. deflation
c. demand
9. The ____________________ represents the total amount of goods and services produced within a country's borders over a specified time.
a. Gross National Product (GNP)
b. Gross Domestic Product (GDP)
c. Gross Consumer Product (GCP)
10. The _______________ represents the total amount of goods and services produced by a nation's citizens, domestic and abroad, over a specified time.
a. Gross National Product (GNP)
b. Gross Domestic Product (GDP)
c. Gross Consumer Product (GCP)
11. The measure of change in prices that an average consumer would pay for a market basket of goods and services over time is called ______________.
a. Consumer Price Report (CPR)
b. Consumer Price Index (CPI)
c. Consumer Price Margin (CPM)
12. A major goal of an economic system is to ___________.
a. grow
b. decrease
c. stay the same
13. A(n) _________ is a person who purchases goods and services for personal use.
a. employee
b. consumer
c. retailer
14. The term __________ is the amount of money that goes towards personal spending for goods and services.
a. consumer trading
b. consumer spending
c. consumer management
15. Which of the following is the ratio that compares the amount of output per unit with the amount of input used in the production of goods and services?
a. productivity
b. relative output
c. total output
16. A financial market where stock is bought or sold through exchange is called the __________.
a. manufacturing plant
b. retail establishment
c. stock market
17. Which of the following is a piece of ownership of a corporation's capital?
a. stock
b. revenue
c. expenditures
18. Which of the following is a business that sells goods to a consumer?
a. retailer
b. wholesaler
c. manufacturer
19. Which of the following is a business that produces or makes goods to be sold to consumers?
a. wholesaler
b. retailer
c. manufacturer
20. Which of the following is a business that buys large quantities of goods and resells them to retailers to be sold to consumers?
a. producers
b. manufacturers
c. wholesalers
Select the correct answer for each question from the choices given. When you have completed your quiz, check your answers.
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Social Studies: Supply and Demand - Quiz
