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WorksheetsSupply and Demand
Total questions: 20
Worksheet time: 7mins
Name
Class
Date
1.
This states that consumers buy more of a good when its price decreases and less when its price increases.
a)
Law of Demand
b)
Law of Supply
c)
Newton’s Law of Demand
d)
Craig’s Demand Law
2.
What is the effect that occurs when a consumer buys less of a good and more of another?
a)
Demand
b)
Substitution
c)
Curve
d)
Inelastic
3.
When a person changes their consumption as a result of a change in real income.
a)
Substitution Effect
b)
Income Effect
c)
Law of Demand
d)
Demand Schedule
4.
Latin phrase meaning all other things held constant
a)
Ceteris Parabis
b)
Cogito Ergo Sum
c)
Seize the Day
d)
Celery Parables
5.
If the demand doesn’t change for a product when the price rises it is…?
a)
Elastic
b)
Inelastic
6.
Which of the following are production cost?
a)
Fixed Cost
b)
Variable Cost
c)
Total Cost
d)
All of the above
7.
This is one cause in a shift of demand
a)
Output
b)
Elastic
c)
Inelastic
d)
Income
8.
The government can affect supply through all of the following except…?
a)
Subsidies
b)
Taxes
c)
Technology
d)
Regulations
9.
Total amount of money a company receives from selling its goods or services
a)
Revenue
b)
Total Cost
c)
Elasticity of Demand
d)
Income Effect
10.
What happens if the price of a luxury good increases?
a)
Demand lowers
b)
Demand increases
c)
Demand is the same
d)
Queso blanco
11.
What toy was being sold in the movie and was only made popular due to other forces besides for price?
a)
Pet Rock
b)
Slinky
c)
Hulahoop
d)
Jump Rope
12.
If the price of gas rises, what happens to its supply?
a)
Supply Lowers
b)
Stays the Same
c)
Enter the Matrix
d)
Supply Rises
13.
This equals fixed costs plus variable costs.
a)
Fixed cost
b)
Marginal cost
c)
Total cost
d)
Variable cost
14.
The law that states suppliers will offer more of a good at a higher price
a)
Quantity supplied
b)
Law of Supply
c)
Inelastic
d)
Law of Demand
15.
Expectations of higher prices will _________ supply now
a)
Increase
b)
Tax
c)
Reduce
d)
Equal
16.
The cost of producing one more unit of a good
a)
Variable Cost
b)
Total Cost
c)
Fixed Cost
d)
Marginal Cost
17.
This is a graphical representation of a demand schedule
a)
Demand schedule
b)
Demand graph
c)
Demand curve
d)
Market demand schedule
18.
What consists of fixed costs?
a)
Rent and salaries
b)
Computing the damage of a mathematical equivalent of a nuclear bomb hitting an ant farm
c)
Rent and supplies
d)
Prices of supplies
19.
Complements are
a)
Goods used as a replacement
b)
Goods bought together
c)
Goods that are taxed
d)
Goods sensitive to price changes
20.
Cash given to a business by the government to encourage or discourage production of a product is
a)
Marginal Revenue
b)
Income Effect
c)
Subsidies
d)
Luxury
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