NEW
Font size
S
M
L
XL
WorksheetsPricing Mechanisim
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
The Demand Curve is downward-sloping because
a)
Income effect
b)
Substitution effect
c)
New buyers
d)
All of the Above
e)
???
2.
Which of the following provides an example of complementary goods?
a)
Pepsi and Coca-Cola
b)
French fries and ketchup
c)
Milk and orange juice
d)
Beef and pork
e)
???
3.
What happens in the market for airline travel when the price of traveling by rail decreases?
a)
The demand curve shifts left
b)
The demand curve shifts right
c)
The supply curve shifts left
d)
The supply curve shifts right
e)
The supply curve shifts right
4.
When college students leave town for the summer, the demand for meals at the local restaurants declines. This results in…
a)
a decrease in equilibrium price and an increase in quantity.
b)
an increase in equilibrium price and quantity.
c)
a decrease in equilibrium price and quantity.
d)
an increase in equilibrium price, and a decrease in quantity.
e)
None of the Above
5.
The Supply Curve is upward-sloping because:
a)
As the price increases, so do costs
b)
As the price increases, consumers demand less
c)
As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to produce more
d)
None of the Above
e)
???
6.
All the following shift the demand curve for automobiles to the right except:
a)
the local factory gives a big raise to its employees.
b)
a brand new automobile dealership opens in town.
c)
the price of gasoline falls.
d)
???
e)
???
7.
If the cost of computer components falls, then
a)
the demand curve for computers shifts to the right
b)
the demand curve for computers shifts to the left
c)
the supply curve for computers shifts to the right
d)
the supply curve for computers shifts to the left
e)
???
8.
When a price ceiling is imposed above the equilibrium price…
a)
a shortage results.
b)
a surplus results.
c)
the equilibrium outcome prevails.
d)
there is not enough information to determine the outcome.
e)
???
9.
Suppose that there has been a decline in the price of pork. What effect will this have on the market for beef?
a)
It will decrease demand and decrease supply.
b)
It will decrease demand and contract supply
c)
It will contract demand and decrease supply.
d)
It will contract demand and contract supply.
e)
???
10.
If the cost of making bicycles falls, the price goes down, causing the demand curve to shift to the right.
a)
true
b)
false
c)
???
d)
???
e)
???
11.
An increase in the price of chicken feed shifts the supply curve for eggs to the left and moves buyers along the demand curve. In the jargon of economics, we have had a change in:
a)
supply and a change in quantity demanded
b)
supply and a change in demand
c)
quantity supplied and a change in quantity demanded
d)
quantity supplied and a change in demand
e)
???
12.
Suppose that both the price of gasoline and the amount of gasoline sold decline. Which of the following would account for this?
a)
A shift left of the demand curve, but no change in the supply curve
b)
A shift right of the demand curve, but no change in the supply curve
c)
A shift left of the supply curve, but no change in the demand curve
d)
A shift right of the supply curve, but no change in the demand curve
e)
???
Reset
