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WorksheetsECONOMICS DEMAND
Total questions: 50
Worksheet time: 28mins
Name
Class
Date
1.
The law of demand argues that as prices rise
a)
the quantity demanded will fall
b)
the quantity demanded will rise
c)
the demand curve will shift to the right
d)
quantity demanded will fall due to a decrease in demand
2.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
3.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
4.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
5.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods
b)
A decrease in the price of lift tickets at resorts in Colorado
c)
A decrease in consumer income
d)
A decrease in the population
6.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
7.
The only thing that causes movement along a supply or demand curve:
a)
Price
b)
Quantity
c)
Climate
d)
Weather
8.
Demand can be best defined as
a)
an individuals need or desire for a good or service at a given price.
b)
how much of a good or service is being produced.
9.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
10.
The buildings, machines, and tools that companies use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
11.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
12.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
13.
How much people want something
a)
supply
b)
demand
14.
What do we call all of the resources required to make a product (good or service)?
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
15.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
16.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
17.
how much of a good or service consumers want
a)
demand
b)
spending
c)
producer
d)
scarcity
18.
money paid to the government through income, sales, and purchase of property
a)
taxes
b)
goods
c)
scarcity
d)
human resource
19.
goods made to use in the production of other goods
a)
capital resouces
b)
demand
c)
taxes
d)
export
20.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
21.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
22.
Quantity means
a)
best item
b)
the amount
23.
What is a commodity?
a)
a product
b)
a bathroom facility
24.
Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
a)
Scarcity
b)
Supply and Demand
25.
The plastic needed to make iphone cases is considered _____________ ____________ because it is used to make the iphone (good).
a)
Human Resource
b)
Capital Resource
26.
My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99. According to the law of supply and demand, which is most likely to be true about the Nikes.
a)
Supply for the Nikes are was hight but the demand was low.
b)
Supply for the Nikes was low but demand was high.
27.
If supply of a product is limited, but demand is high, how would the price be affected?
a)
It would go up
b)
It would go down
28.
not being able to meet all wants at the same time
a)
demand
b)
supply
c)
scarcity
29.
What is Gross Domestic Product?
a)
Goods, services, and intermediate products bought by people in other countries.
b)
the total value of goods produced and services provided in a country during one year
c)
The amount of output the average worker can produce in an hour.
30.
What is demand?
a)
the amount of an item you have
b)
how many people want your good/service
c)
the money you have left over after you paid your bills
31.
What is profit?
a)
the amount of an item you have
b)
how many people want your good/service
c)
the money you have left over after you paid your bills
32.
What is the total amount of payment received from a consumer for a good or service?
a)
Costs
b)
Profits
c)
Deductions
d)
Revenue
33.
______ is giving away money or goods for a good cause.
a)
Donating
b)
Saving
c)
Spending
d)
Market
34.
Consumer interest and willingness to pay is...
a)
Surplus
b)
Supply
c)
Demand
d)
Goods
35.
When there is more than enough to meet demands, there is a...
a)
Shortage
b)
Scarcity
c)
Surplus
d)
Supply
36.
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
37.
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
38.
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
39.
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
40.
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
41.
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
42.
Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are
a)
complements
b)
substitutes
c)
inferior goods
d)
resources
43.
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
44.
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
45.
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
46.
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
47.
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
48.
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
49.
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
50.
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
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