WorksheetsDemand/Sply/Mkt CP
Total questions: 25
Worksheet time: 12mins
Name
Class
Date
1.
What is demand?
a)
The desire to own something and the ability to afford it.
b)
A graph that shows the quantity demanded at every price.
c)
The usefulness of a product expressed in a dollar sign.
2.
Which of the following best describes the Law of Demand?
a)
As price goes down, demand goes down. (and vice versa).
b)
As price goes down, demand goes up (and vice versa).
c)
As demand goes down, supply goes up.
d)
As demand goes up, price becomes elastic.
3.
The demand curve always slopes
a)
down and to the right
b)
straight up and down
c)
down and to the left
d)
up and to the right
4.
Price goes on ________
a)
the vertical axis
b)
the horizontal axis
c)
at the origin
d)
the z axis
5.
What goes on the horizontal axis of a demand graph?
a)
price
b)
quantity demanded
c)
quantity supplied
d)
change in demand
6.
Which of the following would NOT cause a demand curve to shift?
a)
a change in a consumer's income level
b)
a change in population
c)
a change in a consumer's expectations
d)
a change in the price of a product.
7.
The demand for a good is _____ when a small change in price causes a large change in the quantity demanded.
a)
elastic
b)
inelastic
c)
related
d)
substituted
8.
Demand for a product is said to be _______ when a change in price causes very little change in quantity demanded.
a)
elastic
b)
inelastic
c)
related
d)
rigid
9.
Goods that are bought and used together are
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
10.
A reduction in the overall population of an area will likely cause a demand curve to shift
a)
left
b)
right
c)
up
d)
not at all
11.
On a demand curve, the x-axis is _____.
a)
the price
b)
the quantity demanded
12.
Which product is likely to have the most elastic supply curve?
a)
ice cream cones
b)
automobiles
c)
ships
d)
dishwashing machines
13.
The supply curve is?
a)
downward sloping
b)
level
c)
upward sloping
d)
irregular
14.
Measure of the way in which quantity supplied responds to a change in price
a)
supply curve
b)
supply elasticity
c)
supply
d)
subsidy
15.
A graph showing the various quantities supplied at each and every price that might prevail in the market
a)
supply curve
b)
subsidy
c)
supply
d)
supply elasticity
16.
How many cup holders are producers willing to supply at a price of $2.50?
a)
3,000
b)
4,000
c)
5,000
d)
7,000
17.
The government puts regulations on the auto industry forcing them to put new protective technologies (such as new types of airbags) in every car produced?
a)
shifts right
b)
shifts left
c)
movement up supply curve
d)
movement down supply curve
18.
Anything used to produce a good or service is...
a)
Labor
b)
Factor of Production
c)
Capital
d)
a change in elasticity
19.
A new company in town creating the same product as you would cause...
a)
the demand to shift to the right
b)
the demand to shift to the left
c)
the supply to shift to the right
d)
the supply to shift to the left
20.
Which of these best describes market equilibrium?
a)
the price of Pepsi does not vary much from week to week
b)
Pepsi production provides a good profit for the manufacturer
c)
everyone who wants Pepsi can easily afford to buy it
d)
the amount of Pepsi for sale matches the amount that people want to buy
21.
Where supply and demand intersect
a)
equilibrium
b)
elasticity
c)
demand curve
d)
supply curve
22.
What happens when a company purposely prices their products very low, in an attempt to get people to try them?
a)
equilibrium
b)
price floor
c)
surplus
d)
shortage
23.
What event in the midwest would shift the supply curve for corn to the left?
a)
an influx of new low-wage workers
b)
a thunderstorm with large hail
c)
evidence that corn improves athletic ability
d)
a study stating that corn causes heart disease
24.
When might it be time to produce less of a product?
a)
when the cost of materials is cheaper
b)
when you can hire more skilled workers
c)
when a new company just like yours opens
d)
when consumers are only willing to pay a low price for your product
25.
EP?
a)
$2
b)
$4
c)
$6
d)
$8
100 %
