NEW
Font size
WorksheetsEconomics #3
Total questions: 25
Worksheet time: 13mins
These are examples of what?
Complements
Substitutes
Inferior goods
Transfer goods
An increase in consumer income will cause what for an inferior good?
The demand curve will shift right
The demand curve will shift left
The supply curve will shift right
The supply curve will shift left
Which refers to the ability, desire, and willingness to buy a good or service?
utility
demand
price
supply
If the price of printers goes down, what happens to the market for for ink cartridges?
demand decreases
demand increases
quantity demanded decreases
quantity demanded increases
What is the Law of Demand?
consumers will buy more of something when price goes up
consumers will buy less of something when price goes down
consumers will not refuse to buy something when price goes down
consumers will buy more of something when price goes down
If the price of a good or service increase what will happen to the demand for it?
Increase
No change
Decrease
What does this graph represent?
Supply
Equilibrium
Demand
What does Microeconomics study?
Individual consumers
Households
Large corporations
All apply
Normal goods are those goods for which the demand rises as consumer income rises.
True
False
What is not an example of an inferior good?
instant noodles
cheap cars
discount stores
gym memberships
If the price of a good or service decreases what will happen to the demand for it?
Increase
Decrease
No change
The price of elasticity of demand measures how much of what?
the demand responds to a change in price
quantity demanded responds to a change in demand
quantity demanded responds to a change in price
quantity demanded does not take measure of anything
The graph represents when demand is what?
Elastic
Inelastic
Perfectly inelastic
Perfectly elastic
This graph represents what?
Elastic demand
Inelastic demand
Perfectly elastic demand
Perfectly inelastic demand
What is a factor that will cause the demand curve to shift?
Tastes
Income
Expectations
All apply
Total Revenue is calculated how?
Price x demand = Total Revenue
Price x new price = Total Revenue
Price - quantity demanded = Total Revenue
Price x quantity demanded = Total Revenue
Which is an elastic good?
Salt
New cars
Insulin
Gasoline purchased one day after a 20% price increase
Fixed costs + variable cost = ?
Total revenue
Profit
Total cost
Net profit
Which are complements?
Xbox and PS4
Ford and Chevy
Pancakes and syrup
IPhone and Galaxy
What does this graph represent?
Elastic demand
Inelastic demand
Perfectly elastic demand
Perfectly inelastic demand
What is the demand for a ball point pen?
Elastic
Inelastic
What is the demand for sugar?
Elastic
Inelastic
What happens to the current demand if the price of pens (a pencil substitute) increases?
Increases
Decreases
No change
What happens to the current demand if pencil consumers experience and increase in income?
Increases
Decreases
No change
A movie theater owner finds that her total revenue stays when she raises the price of tickets.
Elastic
Inelastic
Unit-Elastic
