Fill in the blanks with either supply or demand and rise or fall, do not use any

Question

Fill in the blanks with either supply or demand and rise or fall, do not use any other words.

1. Production of oil, the major input, increased in the US. This affected_____, and would cause prices to_____.

2. The economies of China and European nations were experiencing slow growth. This affected_____ and would cause prices to_____.

3. OPEC (Organization of Petroleum Exporting Countries) was concerned about falling oil prices and reduced each country's export quota. This affected_____ and would cause prices to_____.

4. New technology for extracting oile (the major input to gasoline) from the ground reduced the costs of producing oil. This affected_____, and would cause prices to_____.

5. The US economy began to experience more robust growth rates. Unemployment fell, income rose, and people began traveling for business and pleasure. This affected_____, and would cause prices to _____.

6. U.S. consumers bought many hybrid cars, and began to use car sharing services which rely on very small cars. This affected_____ and would cause prices to_____.

7. If demand shifts to the right and supply remains the same prices will_____.

Explanation / Answer

1. supply, fall

2. Demand, fall

3. Supply, rise

4. Supply, fall

5. Demand, Rise

6.Supply, Fall

7. Rise

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