WorksheetsDemand Test Review
Total questions: 22
Worksheet time: 25mins
Which of the following pairs is an example of substitutes?
cereal and milk
calculators and ipods
Gatorade and Powerade
water skiing and skateboarding
When the price of something increases, the quantity demanded ___?
decreases
reverses
increases
remains the same
Which of the following would cause the demand curve to
shift to the left?
the average annual income increases
government corporate taxes increase
consumers begin to like the product
price of a complementary good increases
What would not cause a change (shift) in the demand curve?
a decrease in the salary’s of the population
a change in popularity of the good
a change in price of the good
an increase in the price of a substitute good
How can expectations about a future price change consumer behavior?
If the price is expected to stay the same, immediate demand will decrease.
Immediate demand for a good is not related to future price expectations.
If a good is expected to be plentiful, demand will not be affected.
Immediate demand will increase, if a good’s price is expected to rise in the future.
If price of tea decreases, what is the affect on the demand for coffee?
the demand for tea is not affected
the demand for coffee decreases
the demand for tea decreases
the demand for coffee increases
Which of the following would cause the demand curve to
shift to the right?
a popular toys loses appeal
Suppliers expect higher prices in the future
price of a substitute good decreases
the average annual income increases
A shortage occurs when
Quantity Supplied is less than Quantity Demanded
Quantity Supplied is more than Quantity Demanded
Quantity Supplied is the same as Quantity Demanded
Shortage will never happen!
The law of demand states
As price increases, quantity demanded increases
As price decreases, quantity demanded decreases
As price increases, quantity demanded decreases
As price increases, quantity demanded stays the same
In economics, the concept of demand is defined as the desire to own something
that has not yet been manufactured or produced.
and a willingness to pay more than other consumers for it.
that a manufacturer is capable of producing.
combined with the ability to pay for it.
The desire to have some good or service and the ability to pay for it
supply
equilibrium
demand
quantity demanded
SSEMI2 f I know that the iPhone 12 is coming out next week but really need a phone badly. I'm thinking about buying an iPhone 11 when the new iPhone comes to the market because it will be much cheaper than today's price. What determinant of demand does this suggest?
Change in Price of Complementary Good
Expectations of future price changes
Change in Number of Consumers in the Market
Change in Consumer Income
