Exam Questions On Economics Worksheet With Answer Key Page 6
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10Use the following to answer question 11:
Figure: The Demand and Supply of Wheat
11. (Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply
of Wheat. If there were a decrease in supply of 2,000 bushels at each price, the
equilibrium price and quantity would be ________ and ________ bushels, respectively.
A) $5; 5,000
B) $7; 5,000
C) $6; 4,000
D) $8; 6,000
12. What is the difference between a shortage and scarcity?
A) Scarcity will almost always exist, but a shortage will exist only if the price is kept
below the equilibrium level.
B) Scarcity is a result of two or more alternative uses, and quantities of supply and
demand adjusting to flexible prices will create shortages.
C) A shortage will exist when a good is scarce.
D) There is no distinction between the two. They are the same thing.
Page 6
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