WorksheetsL9 & L10 - Economics
Total questions: 11
Worksheet time: 6mins
Name
Class
Date
1.
A demand is a combination of three things. Which of the following is NOT one of those three things?
a)
Hope to purchase
b)
Desire to purchase
c)
Willingness to purchase
d)
Ability to purchase
2.
Which term best describes the area of economics that deals with behavior and decision making by small units, such as individuals and firms.
a)
Microeconomics
b)
Macroeconomics
c)
Minoeconomics
d)
Maxononomics
3.
What do we call this chart and what is it used for?
a)
It is a demand schedule that's used to measure demand
b)
It is a demand curve that's used to measure demand
c)
It is a supply schedule that's used to measure demand
d)
It is a supply curve that's used to measure supply
4.
What do we call this and what is it used for?
a)
It is a demand schedule that's used to measure demand
b)
It is a demand curve that's used to measure demand
c)
It is a supply schedule that's used to measure demand
d)
It is a supply curve that's used to measure supply
5.
Which of the following IS TRUE about demand curves and demand schedules?
a)
The both show the same exact information in different ways.
b)
They are both used to measure the ability of consumers to buy a product.
c)
The demand scheduale is more accurate.
d)
The demand curve was invented by a mathematician.
6.
Which direction is the demand curve always sloping?
a)
It slopes down
b)
It slopes up
c)
It doesn't slope
d)
The curve is a figment of your imagination
7.
The law of demand states...
a)
Higher prices = Lower Demand
b)
Lower Supply = Stagnant prices
c)
Lower Demand = Lower Prices
d)
Higher Prices = Higher Demand
8.
Which term is best describes the idea that quantity demanded of good or service varies inversely with its price.
a)
Law of Demand
b)
Demand Curve
c)
Demand Schedule
d)
The Principle of Diminishing Marginal Utility
9.
Put simply, the principle of diminishing marginal utility says...
a)
The satisfaction of a product begins to diminish as you buy more.
b)
The satisfaction of a product begins to grow as you buy more.
c)
The satisfaction of a product disapears when you steal an item.
10.
When the price of a product goes up what happens to the quantity demanded for that product?
a)
Demand increases
b)
Demand decreases
11.
People like Hot Cheetos. Which way would the demand curve shift if people that like Hot Cheetos recieved a sudden increase in income?
a)
Demand would increase and the curve would shift right.
b)
Demand would decrease and the curve would shift left.
c)
Nothing would happen.
100 %
