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WorksheetsFactors that influence Demand
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Which of the following is NOT a factor that influences demand?
- Economic Corruption
- Expectations
- Income
- Population
- Prices of substitute goods
- Tastes and preferences
- Economic Corruption
- Expectations
- Income
- Population
- Prices of substitute goods
- Tastes and preferences
a)
Income
b)
Prices of substitute goods
c)
Economic Corruption
d)
Tastes and preferences
2.
With respect to demand, "income" refers to:
a)
The amount of money buyers have to spend
b)
The amount of money producers have to produce
c)
The revenue producers make from selling goods/services
d)
An invitation to enter a business to buy things
3.
"Substitute goods" refer to:
a)
Skilled teachers who fill in for sick or absent classroom teachers
b)
Competing brands that cost the same
c)
Similar products that cost less
d)
Products you need to use other products (ex: charger cable > cell phone)
4.
"Complement goods" are...
a)
Things that make people feel better about themselves (ex: perfume, plastic surgery)
b)
Similar goods that cost less money
c)
A brand you can buy at any Sobeys store
d)
Products you need to use other products (ex: charger cable > cell phone)
5.
With respect to demand, "expectations" refers to...
a)
consumer behaviour in anticipation of price changes
b)
the level of quality people associate with a brand
c)
how well your parents want you to do in school
d)
A classic novel by Charles Dickens
("Great Expectations)
("Great Expectations)
6.
In economics, "Tastes and preferences" refers to:
a)
Physical/personality attributes people specify in dating apps like Tinder
b)
Knowing which flavours people like to maximize the sale of food items
c)
Trends in consumer attitudes that influence what goods are produced
d)
Software settings you can manage in each app on your Macintosh computer
7.
With respect to demand, "Population" refers to:
a)
How many people live in a country, region, city, etc.
b)
The number of people with income who form the market for a product
c)
How many people are left in the world after you unleash your virus in the game "Plague, Inc"
8.
Demographics refer to...
a)
Statistics that outline changes in age, income, overall numbers, location, etc.
b)
Election posters used in democratic elections
c)
Statistics about sales and profits used by investors
d)
Statistics about how people vote in elections
9.
Understanding factors around demand is important for:
a)
Politicians, so they can get elected
b)
Tax collectors, so they know how much money should be coming in
c)
Advertisers, so they know who has money to spend on ads
d)
Producers, so they can adjust production and capitalize on trends
10.
Changes in demand are largely driven by:
a)
Long haul truck drivers and train conductors, who transport goods
b)
Governments, who tell people what and what not to buy
c)
Consumers, whose ideas and choices influence the market for products
d)
Random factors that are hard to account for
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