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WorksheetsDemand & Supply Ch 4-5
Total questions: 40
Worksheet time: 10hrs 0mins
What is an example of inelastic demand?
A new car
Insulin
Gasoline
Bananas
Amount of goods and/or services a consumer is willing & able to buy at various prices during a given time period is called...
Supply
Scarcity
Elasticity of Demand
Demand
A measure of how suppliers will respond to a change in price is...
Price elasticity
The 'rubber band' effect
Elasticity of supply
Elasticity of demand
A government payment to support a business or market
Tariff
Subsidy
Laissez faire
Substitutes
The tendency of suppliers to offer more of a good at a higher price
law of supply
law of shortage
law of scarcity
law of demand
The law of demand states...
Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded.
A decrease in the price of a good shifts the demand curve leftward.
Other things remaining consistent, the higher the price of a good, the smaller is the quantity demanded.
An increase in the price of a good shifts the demand curve leftward.
Which of the following does NOT shift the supply curve?
A decrease in the wages of labor used in the production of the good
An increase in the price of the good
A technological advance
A fall in the price of a substitute in production
You would refer to a(n) ______ to find the quantity that a person would purchase at each price that could be offered in a market.
demand curve
curve ball
dangerous curve
elastic curve
For a(n) _____, consumer's demand will increase as their income increases.
normal good
demand good
supply good
elasticity
This occurs when an increase in price decreases a buyer's real income.
Inelasticity
Elasticity
Income effect
Law of demand
Demand for goods that are necessities is usually...
elastic
inelastic
unitary elastic
the rubber band effect
An expense that costs the same whether or not a firm is producing a good or service.
Elastic cost
Fixed cost
Inelastic expense
Optional cost
The income a supplier receives from selling an additional unit.
marginal cost
profit
marginal revenue
incentive
A tax on the sale or manufacture of a good is called?
Exercise tax
Sales tax
Excise tax
Revenue
The additional cost of producing one more unit of output is called?
Fixed cost
Marginal cost
Subsidy
Income
A government payment to support a business.
tariff
tax
subsidy
elastic income
The tendency of businesses to offer additional goods at a higher price
Law of demand
Law of supply
Law & order
Law of elasticity
A measure of how suppliers will respond to a change in price
Inelasticity of demand
Elasticity of supply
The invisible hand
Elasticity of demand
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Scranton
According to the _______, when prices increase, demand decreases.
law of demand
law of supply
law of elasticity
law of the land
The concept of demand and supply works best in a:
Mixed economic system
Traditional market system
Command economic system
Market economic system
Which economic system would be least responsive to the concept of supply and demand?
Mixed
Traditional
Central
Market
Supply and demand is based on
shortage
surplus
scarcity
regulated consumption
What is the term for the measure of how much quantity demanded of a good responds to a change in consumers' income?
Income elasticity of demand
Price elasticity of demand
Income elasticity of supply
Price elasticity of supply
What is the term for a good that consumers demand less of when their incomes increase?
Inferior good
Normal good
Luxury good
Substitute good
What is the term for the amount of a good that buyers are willing and able to purchase?
Supply
Demand
Equilibrium
Income
What happens to the demand of a good when its price increases, according to the law of demand?
The demand increases
The demand decreases
The demand remains the same
The demand fluctuates
What is the term for the amount of goods sellers are willing and able to sell?
Supply
Demand
Equilibrium
Subsidy
The balance between supply & demand
The balance between supply and demand is called equilibrium cost
In 2000, there were 200,000 gas grills demanded at a price of $500. In 2001, the demand for gas grills exceeded 200,000 at the same price. This increase could be the result of any of the following EXCEPT:
All of the following influence supply except
All of the following effect demand except
All of the following can effect the global supply chain except
the Invisible Hand of the marketplace
How does the Invisible Hand of the marketplace influence supply & demand?
It adjusts supply and demand through the decisions of many firms and households
The just right price between supply & demand
demand curve
equilibrium price
supply curve
equilibrium cost
What economic concept is depicted in the photo?
demand curve
supply curve
supply & demand curve
Use the chart to answer the question
How many urban residents would take a taxi ride that costs $20?
92
84
78
76
Which service has equally low demand in both regions at $30?
taxi rides
haircuts
taxi rides & haircuts
lawn mowing
Which economic system would be least responsive to the concept of supply and demand?
Free Market
Command
Mixed
Traditional
In 2000, there were 200,000 gas grills demanded at a price of $500. In 2001, the demand for gas grills exceeded 200,000 at the same price. This increase could be the result of any of the following EXCEPT:
