Worksheets2.3 Demand
Total questions: 18
Worksheet time: 14mins
Name
Class
Date
1.
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
a)
market size
b)
price of a substitute good
c)
price of a complementary good
d)
tastes and preferences (popularity)
2.
An decrease in demand for iPhones in Hong Kong could be caused by a(n)
a)
increase in price for Samsung Galaxy
b)
increase in population in HK
c)
the price for iPhones is expected to increase next week
d)
the price of iPhone apps increased
3.
Consider the market for SUVs. If the price of gasoline increases then the Demand for these vehicles will
a)
increase
b)
decrease
c)
not be affected
4.
The law of demand states that as the price increases then
a)
quantity demanded increases
b)
quantity demanded decreases
c)
demand increases
d)
demand decreases
5.
What factor could have caused the demand to decrease?
a)
incomes increased
b)
expectation that prices will increase
c)
a decrease in the price of a substitute
d)
increase in market size
6.
Donald Trump has been elected and the demand for US tourist visas has decreased because of
a)
market size
b)
expectations of future prices
c)
income
d)
popularity (tastes and preferences)
7.
Which item would provide you with the least marginal utility?
a)
a second copy of the daily newspaper.
b)
a second large glass of water
c)
a second hamburger
d)
a second car.
8.
The demand for a(n) ___ increases as money income increases- that is, the demand curve shifts rightward when consumer income increases.
a)
normal good
b)
inferior good
c)
superior good
d)
declining good
9.
Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Population (Change in the number of buyers)
10.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
11.
Chevy is offering trucks at lower prices, people are buying more trucks because of
a)
change in demand to expectations
b)
change in demand due to complements.
c)
change in demand due to income
d)
change in quantity demanded due to a change in price.
12.
Consider the market for cars in Hong Kong. If the price of gasoline increases then the Demand for cars will
a)
increase
b)
decrease
13.
A change in demand is shown
a)
along the demand curve
b)
with a new demand curve above or below the original demand curve
c)
without a demand graph
d)
with a totally vertical line
14.
Which of the following best describes the Law of Demand?
a)
As price goes down, demand goes down. (and vice versa).
b)
As price goes down, demand goes up (and vice versa).
c)
As demand goes down, supply goes up.
d)
As demand goes up, price becomes elastic.
15.
What is the only factor that does not shift or change demand or supply, it only causes movement along a stable demand or supply curve?
a)
population
b)
income
c)
price
d)
tastes and preferences
16.
A good used in place of another good to meet the same need is called
a)
Complementary good
b)
Capital Good
c)
Substitute Good
d)
Consumer Good
17.
What factor could have caused the demand to decrease?
a)
incomes increased
b)
expectation that prices will increase
c)
a decrease in the price of a substitute
d)
increase in market size
18.
Consumers are willing to buy more at lower prices than higher prices
a)
law of demand
b)
law of supply
c)
law of inverse
d)
scarcity
100 %
