Social Studies Quiz 
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1. Distributing a limited amount of something is known as __________________.

a.  surplus
b.  rationing 
c.  deflation



2. More products and services available than people can afford is known as ____________.

a.  equilibrium
b.  deflation
c  surplus 



3. Which of the following describes when the need is greater than the amount?

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 lines have intersected?

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 over a specified period of 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 over a specified period of time.

a. Gross National Product (GNP) 
b.  Gross Domestic Product (GDP)
c.  Gross Consumer Product (GCP)



11. The measure of change in prices of goods and services that an average consumer would purchase 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 achieve economic growth.

a.  True 
b.  False



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 personal demand of consumption of goods and services. 

a.  consumer trading
b.  consumer spending 
c.  consumer management



15. Which of the following is the ratio of output per unit of input in production?

a.  productivity 
b.  relative output
c.  total output



16. A financial market where stock is bought or sold through exchange is called __________.

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