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WorksheetsDemand Quiz
Total questions: 13
Worksheet time: 37mins
Almond Pest Destroys 50 Percent of Crop
Prices Expected to Double
For a consumer who loves almonds but has a limited budget, what is this new headline likely to trigger?
supply shock leading to higher consumption of almonds
income effect leading to lower demand for several goods
law of demand leading to lower prices for all goods
market equilibrium leading to stable prices for almonds
1. Study the demand curves below. If the price of a slice of pizza decreased from $4.00 to $2.00, how would that change the number of slices of pizza demanded each day by the market?
a. The demand would increase by 2 slices per day.
b. The demand would decrease by 2 slices per day.
c. The demand would increase by 100 slices per day.
d. The demand would decrease by 100 slices per day.
1. Which of the following goods would be considered a complement to flashlights in the context of a demand for goods?
a. batteries
b. candles
c. floodlights
d. binoculars
Use this diagram to identify which of the following would cause consumers to demand fewer slices of pizza.
a. an increase in the supply of pizza slices
b. a decrease in the supply of tacos
c. an increase in the price of pizza slices
d. a decrease in the price of pizza slices
Which of the following BEST restates the point made in the statement below?
"The most famous law in economics, and the one that economists are most sure of, is the law of demand. On this law is built almost the whole edifice of economics."
—David Henderson, “Demand,” The Concise Encyclopedia of Economics
a. The way markets respond to a change in price is highly predictable.
b. The laws of demand and supply are easy to understand.
c. Economists rely on laws as much as any other profession.
d. Economic theory rests almost entirely on speculation about how consumers behave.
6. Based on this diagram, which of the following situations reflects the substitution effect resulting from a special sale on Z-Ball brand golf balls?
a. The price of Z-Balls increases when the demand for them increases.
b. The price of Z-Balls decreases when the demand for them increases.
c. Consumers reject the Z-Balls, assuming they are an inferior product.
d. Consumers purchase Z-Balls rather than the brand they normally buy.
7. Jenna is a plant lover. She could afford to buy a new houseplant every three months. Something happened in Jenna's life that caused her demand curve for plants to shift to the right. Using the graphs below, identify which of the following is the most likely explanation for the result.
a. Jenna has decided that she has to sell some of her houseplants.
b. Jenna has switched from buying plants to buying knickknacks.
c. Jenna now buys a new houseplant every six months.
d. Jenna now buys a new houseplant every month.
8. Which of the following is the likely result of a successful advertising campaign for an electronic game?
a. a supply curve that has shifted to the right
b. a supply curve that has shifted to the left
c. a demand curve that has shifted to the right
d. a demand curve that has shifted to the left
9. How many slices of pizza per day would you expect a pizzeria in this market to sell if it were pricing its slices at $3.50?
150
175
200
225
1. Explain the difference between a change in quantity demanded and a shift in the demand curve.
Explain the substitution effect by suggesting how a consumer might respond to an increased price for apples.
Describe how consumer demand affects the economy.
Compare using real life example between substitution effect and income effect; explaining how both affect the demand curve positively or negatively.
