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DEMAND

Total questions: 82

Worksheet time: 41mins

Name
Class
Date
1.
The diagram represents a
a)
increase in demand
b)
decrease in demand
2.
An decrease in demand for iPhones in HK 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.
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 
4.
If the price of Frozen Yogurt increased then the demand for ice cream will 
a)
increase
b)
decrease
5.
The Hong Kong government reduced income tax by 10%. The demand for shoes will 
a)
increase
b)
decrease
6.
A recent scandal in which 1 million fake Chanel hand bags have been discovered. There is in an increase in Louis Vuitton hand bags because
a)
price of a complement
b)
price of a substitute
c)
tastes and preferences
d)
income
7.
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
8.
The price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas will
a)
increase
b)
decrease
9.
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)
tastes and preferences
10.
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
11.
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
12.
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
13.
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
14.
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.
15.
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
16.
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)
17.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
18.
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.
19.
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
20.
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.
21.
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
22.
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
23.
The price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price?
a)
The demand curve for movie tickets will move right.
b)
The quantity demanded for movie tickets will increase.
c)
The demand curve for movie tickets will move left
d)
The quantity demand for movie tickets will decrease
24.
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
25.
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 
26.
The amount of a good or service that consumers are willing and able to buy at a SPECIFIC PRICE
a)
Demand
b)
Quantity Demanded
c)
Supply
d)
Quantity Supplied
27.

Which of the following pairs is an example of substitutes?

a)

Cereal and Milk

b)

calculators and iPods

c)

Gatorade and Powerade

d)

water skiing and skateboarding

28.

Which of the following are

non-examples of complements?

a)

football jersey and shoulder pads

b)

iPod and iPad

c)

bicycle and helmet

d)

computer and charging cord

29.

When the price of something increases, the quantity demanded ___?

a)

decreases

b)

reverses

c)

increases

d)

remains the same

30.

Which of the following would cause the demand curve to

shift to the left?

a)

the average annual income increases

b)

government corporate taxes increase

c)

consumers begin to like the product

d)

price of a complementary good increases

31.

What would not cause a change (shift) in the demand curve?

a)

a decrease in the salary’s of the population

b)

a change in popularity of the good

c)

a change in price of the good

d)

an increase in the price of a substitute good

32.

How can expectations about a future price change consumer behavior?

a)

If the price is expected to stay the same, immediate demand will decrease.

b)

Immediate demand for a good is not related to future price expectations.

c)

If a good is expected to be plentiful, demand will not be affected.

d)

Immediate demand will increase, if a good’s price is expected to rise in the future.

33.

If price of tea decreases, what is the affect on the demand for coffee?

a)

the demand for tea is not affected

b)

the demand for coffee decreases

c)

the demand for tea decreases

d)

the demand for coffee increases

34.

Which of the following would cause the demand curve to

shift to the right?

a)

a popular toys loses appeal

b)

Suppliers expect higher prices in the future

c)

price of a substitute good decreases

d)

the average annual income increases

35.

Which of the following would cause the demand curve to

shift to the left?

a)

price of a substitution good decreases

b)

huge population increase

c)

new government regulations

d)

consumers begin to like the product

36.

Which of the following would cause the demand curve to

shift to the left?

a)

price of a complementary good decreases

b)

huge population increase

c)

new government regulations

d)

consumers begin to dislike the product

37.

Which of the following would cause the demand curve to

shift to the right?

a)

a popular toys loses appeal

b)

suppliers expect higher prices in the future

c)

price of a substitute good decreases

d)

huge population increase

38.

An increase in Demand is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

39.

An increase in quantity Demanded is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

40.

An decrease in quantity Demanded is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

41.

Demand means

a)

the amount of a good or service that consumers are willing to buy.

b)

is the amount of a good or service produced.

c)

is the price that is demanded by consumers.

d)

None of the above.

42.

If the price of a good or service decreases what will happen to the demand for it?

a)

increase

b)

decrease

c)

stay the same

d)

who knows

43.

If the price of a good or service increases what will happen to the demand for it?

a)

increase

b)

decrease

c)

stay the same

d)

who knows

44.

If the price of printers goes down, what happens in the market for ink cartridges?

a)

Supply increases.

b)

Supply decreases.

c)

Demand increases.

d)

Demand decreases

45.

What goes on the horizontal axis (x axis) of a demand graph?

a)

price

b)

quantity demanded

c)

quantity supplied

d)

change in demand

46.
Price goes on ________
a)
the vertical axis
b)
the horizontal axis
c)
at the origin
d)
the z axis
47.
The price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas will
a)
increase
b)
decrease
48.

The desire to have some good or service and the ability to pay for it

a)

supply

b)

equilibrium

c)

demand

d)

quantity demanded

49.

Which of these best describes the law of demand?

a)

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

b)

if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

c)

there is no law of demand, each situation is unique and demand and prices cannot be predicted

d)

prices will go up for certain goods when quantity demanded goes up and vice versa

50.

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

a)

the demand curve

b)

change in quantity demanded

c)

change in demand

d)

elasticity

51.

The quantity demanded of a good or service changes at all price levels best describes the concept of

a)

change in quantity demanded

b)

elasticity

c)

change in demand

d)

demand curve

52.

Elasticity refers to

a)

how producers of goods and services react to price changes

b)

how consumers of goods and services react to price changes

c)

how far a supply of scarce goods can be stretched

d)

how often the price of a good or service changes when quantity demanded changes

53.

Which of these demonstrates elastic demand?

a)

a sharp increase in the price of milk causes a large drop in the quantity demanded for milk

b)

the price of homes steadily increase but the quantity demanded for homes does not change

c)

car dealerships cut prices to clear out previous year models and consumers rush to dealerships to take advantage of the sales

d)

gas prices increase in the summer as more people want to go on road trips but the increases do not deter people from buying less gas

54.

Which of these demonstrates inelastic demand? (multiple answers)

a)

a cold snap destroys an apple crop causing prices to jump, however, people still buy apples and quantity demanded does not change

b)

Super Bowl tickets hit record high prices but are still sold out in a matter of minutes and starting going for even higher prices on resale sites

c)

concert tickets are not selling well, so the venue drops prices by 80%; the tickets sell out shortly thereafter

d)

a restaurant starts charging a $10 delivery fee, delivery orders drop by 50% in the first month

55.

Which of these shows a decrease in the quantity demanded?

a)
b)
c)
d)
56.

Which of these shows an increase in the quantity demanded?

a)
b)
c)
d)
57.

Which of these demonstrates inelastic demand?

a)
b)
c)
d)
58.
The law of demand refers to how
a)
demand changes when people's incomes change
b)
demand changes when the prices of substitutes and complements change
c)
the quantity demanded changes when the price of the good changes
d)
the price of the good changes when people's demand for the good changes
59.
The law of demand says that when the price of a product rises, the quantity demanded decreases. Why do people buy fewer CDs if the price of a CD rises? 
a)
When the price rises, people get less pleasure from listening to music
b)
If CDs become more expensive, people switch to relatively less expensive alternative goods, such as cassette tapes
c)
Higher prices just turn people off
d)
Because CDs are a normal good
60.
The downward slope of a demand curve
a)
represents the law of demand
b)
shows that as the price of a good rises, consumers increase the quantity they demand
c)
indicates how the quantity demanded changes when incomes rise and the good is a normal good
d)
indicates how demand changes when incomes rise and the good is a normal good
61.
Market demand curves are obtained by
a)
determining the price each consumer is willing to pay for the good & summing those prices across all consumers
b)
observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph
c)
summing the quantities every consumer is willing to buy at each different price
d)
observing the behavior of an individual consumer in a market
62.
The phrase "a change in demand" most directly implies a 
a)
movement along the curve
b)
movement along the price curve
c)
change in quantity demanded of a good
d)
shift in the demand curve
63.
A change in the demand for apples could result from any of the following except
a)
a change in the number of buyers
b)
increased preferences for fresh fruit consumption for health reasons
c)
a change in the price of an apple
d)
a change in the price of a banana
64.
To access Internet services, consumers must use a computer. If computer prices fall, what is the effect on the demand for Internet services
a)
the demand for Internet services increases
b)
the demand for Internet services decreases
c)
The demand for Internet services remains unchanged
d)
The demand for Internet services could increase, decrease, or stay the same depending on other factors 
65.
Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 
a)
complements
b)
substitutes
c)
inferior goods
d)
resources
66.
If the demand for used cars decreases after the price of a new car falls, used cars and new cars are
a)
inferior goods
b)
substitute goods
c)
complementary goods
d)
normal goods
67.
If the demand for a good increases when people's incomes increase, 
a)
the good is an inferior good
b)
the law of demand is violated
c)
the good's demand curve must be upward sloping
d)
the good is a normal good
68.
Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are: 
a)
a normal good
b)
an inferior good
c)
a complement for higher income people
d)
none of these are correct
69.
If Mary used to buy 10 units at $4 each and now buys 15 units when the price is $4, her
a)
quantity demanded has increased
b)
quantity demanded has decreased 
c)
demand has increased
d)
demand has decreased
70.
The law of demand states that 
a)
price and quantity demanded are inversely related
b)
the larger the number of buyers in a market, the lower will be product price
c)
price and quantity demanded are directly related
d)
consumers will buy more of a product at high prices than at low prices
71.
When the price of a product increases, a consumer is able to buy less of it with a given money income. This describes: 
a)
the cost effect
b)
the inflationary effect
c)
the income effect
d)
the substitution effect
72.
One of the reasons an increase in the price of a product will reduce the amount of it purchased ceteris paribus because
a)
supply curves are upward sloping
b)
the higher price means that real incomes have risen
c)
consumers will substitute other products for the one whose price has risen
d)
consumers substitute relatively high-priced for relatively low-priced products
73.
The income & substitution effects account for
a)
the upward sloping supply curve
b)
the downward sloping demand curve
c)
movements along a given supply curve
d)
the "other things equal" assumption
74.
When the price of Nike soccer balls fell, Ronaldo purchased more Nike soccer balls, and fewer Adidas soccer balls. Which of the following best explains Ronaldo's decision to buy more Nike soccer balls?
a)
the substitution effect
b)
the income effect
c)
an increase in the demand for Nike soccer balls
d)
the price effect
75.
If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are
a)
a normal good
b)
an inferior good
c)
a substitute good
d)
a complement to video cameras
76.
Consider the market for cellular phones. Which of the following shifts the demand curve leftward? 
a)
studies showing using cellular phones can cause brain cancer
b)
a decrease in the price of cellular phones
c)
a decrease in the quantity demanded of cellular phones
d)
an increase in the services provided by cellular phones, such as text messaging
77.
What's the fundamental concept of economics? 
a)
money can't buy happiness but it can let you buy your own form of misery
b)
having money's not everything; not having it is
c)
anybody who thinks money will make you happy ain't got money
d)
you can print money but we're still limited by our resources #scarcity
78.

According to the law of demand, what will happen as the price of a good or service decreases?

a)

The demand for that good or service will decrease.

b)

The demand for that good or service will increase

c)

The quantity demanded for that good or service will decrease

d)

The quantity demanded for that good or service will increase.

79.

If good A is considered an inferior good, what will happen to good A when incomes fall?

a)

The demand for good A will increase and the demand curve will shift to the right.

b)

The demand for good A will decrease and the demand curve will shift to the left.

c)

The supply of good A will increase and the supply curve will shift to the right.

d)

The supply of good A will decrease and the supply curve will shift to the left.

80.

A decrease in the average incomes of consumers will result in which of the following?

a)

A decrease in the demand for goods and services

b)

An increase in the demand for goods and services

c)

A decrease in the supply of goods and services

d)

An increase in the supply of goods and services

81.

If the price of peanut butter decreases, what will likely happen to the demand for jelly?

a)

The demand for jelly will increase, and the demand curve will shift to the right.

b)

The demand for jelly will decrease, and the demand curve will shift to the left.

c)

The demand for jelly will increase, and the demand curve will shift vertically upward.

d)

The demand for jelly will decrease, and the demand curve would shift vertically downward.

82.

If the price of peanut butter decreases, what will likely happen to the demand for jelly?

a)

The demand for jelly will increase, and the demand curve will shift to the right.

b)

The demand for jelly will decrease, and the demand curve will shift to the left.

c)

The demand for jelly will increase, and the demand curve will shift vertically upward.

d)

The demand for jelly will decrease, and the demand curve would shift vertically downward.

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