WorksheetsA level 1.2
Total questions: 17
Worksheet time: 29mins
The diagram represents a
shift in demand
movement along the demand curve
The product is Tesco's own brand baked beans. Which 2 factors could have caused the demand to decrease?
incomes increased
expectation that prices will increase
a decrease in the price of a substitute
increase in market size
New robot increase efficiency for Autos
Cost of Steel decreases
Government gives Car producers Subsidies
Point at which supply and demand curve intersect each other
price ceiling
excess demand
equilibrium
disequilibrium
Suppose the price of burgers increases from $2 to $3 each. The degree to which the quantity demanded responds to this price increase depends on the
price elasticity of demand.
price elasticity of supply.
income elasticity of demand.
cross elasticity of demand.
The price elasticity of demand is calculated as the absolute value of the
percentage change in quantity demanded divided by the percentage change in price.
percentage change in price divided by the percentage change in quantity demanded.
change in quantity demanded divided by the change in price.
change in price divided by the change in quantity demanded.
The price elasticity of demand for furniture is estimated at 1.3. This value means a one percent increase in the
price of furniture will increase the quantity of furniture demanded by 1.3 percent.
price of furniture will decrease the quantity of furniture demanded by 1.3 percent.
quantity of furniture demanded will decrease the price of furniture by 1.3 percent.
quantity of furniture demanded will increase the price of furniture by 1.3 percent.
Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.
elastic
unitary elastic
inelastic
hyperelastic
Which of the following is an example of inelastic demand?
Jason wants the most expensive cellphone. He decides to get a cheaper model.
Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.
Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.
Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.
