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Coach O'Brien - Demand and Supply

Coach O'Brien - Demand and Supply

Assessment

Presentation

Social Studies

12th Grade

Easy

Created by

Jeffrey Obrien

Used 3+ times

FREE Resource

6 Slides • 13 Questions

1

Coach O'Brien - Demand and Supply

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2

3

Multiple Choice

Demand goes ……?

1

Down to the ground

2

to the sky

4

Multiple Choice

When price goes up, quantity demanded:

1

Go's up

2

Go's down

3

remains unchanged

5

Multiple Choice

The price of beef skyrockets and people decide to buy more chicken or pork. This is known as:

1

Economics

2

Law of demand

3

Substitution Effect

4

Chicken Express

6

Multiple Choice

What is the law of diminishing marginal utility?

1

People get less utility (happiness) out of each additional purchase of the same item.

2

Marginality diminishes and utility grows out of each purchase of a good

7

Multiple Choice

Another word for utility?

1

Satisfaction

2

Usefulness

8

5 Shifters of Demand

  • Taste & Preference

  • Number of consumers

  • Price of related goods

  • Income

  • Change in Expectation

9

Multiple Choice

If Tom Brady says before every Super Bowl he will only eat a tablespoon of peanut butter. What shifter will be the reason for a change in demand:

1

Taste and preference

2

Price of related goods

3

Income

4

Expectat

10

Multiple Choice

If Tom Brady says before every Super Bowl he will only eat a tablespoon of peanut butter. The change in demand

1

will increase

2

will decrease

11

Multiple Choice

Following Tom Brady's comments the change in demand will increase. The demand curve will shift completely to the:

1

Right

2

Left

12

Normal Good

  • A normal good is a consumer good that people will buy more of the more income that they have

13

Inferior Good

  • An inferior good is a good that consumers will purchase less of the more income they have



14

Multiple Choice

Raman Noodles are a:

1

Normal Good

2

Inferior Good

15

Multiple Choice

Lobster tails are a:

1

Normal Good

2

Inferior Good

16

Multiple Choice

A Lexus is a:

1

Normal Good

2

Inferior Good

17

Multiple Choice

A McDonald's $4 for 4 is a:

1

Normal Good

2

Inferior Good

18

Multiple Choice

A buss pass is a:

1

Normal Good

2

Inferior Good

19

This is a Pass/Fail assignment but feel free to repeat questions for practice. Expect another this week.

  • Coach O'Brien

Coach O'Brien - Demand and Supply

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