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WorksheetsDemand and Supply Revision
Total questions: 40
Worksheet time: 23mins
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?
The supply went up.
The supply went down
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
Summerfield's population has grown by 10,000 people per year for the last five years. What has probably happened to the overall demand for apartments in Summerfield?
The demand has probably gone up
The demand has probably gone down
Last year, 50 babies were born in the town of
Oakland. This year, 100 babies were born there. What probably happened to the overall demand for diapers in Oakland?
The demand probably went up
The demand probably went down
What will happen to the price of corn if almost no rain falls on corn crops?
The price will increase
The price will decrease
What will happen to the price of teddy bears if puppy dogs become the most popular stuffed toy?
The price will increase
The price will decrease
What will happen to the price of shoes if shoe producers have to pay higher wages to their workers?
The price will increase
The price will decrease
Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. What causes this change?
Prices or availability of substitutes
Prices or availability of complementary goods
Change in the weather or season
Change in the number of buyers
New technology advances the rate at which furniture can be assembled. Why does this change the supply?
There is a change in cost of production.
The number of producers changes.
The expectations of consumers changes.
The output rate declines.
Which of the following best refers to the market equilibrium price?
Surpluses depress the number of goods supplied.
Shortages and surpluses will have no effect on the market.
The government will not intervene in the market.
The quantity demanded is the same as the quantity supplied.
Mr Coyote goes to the ticket booth to buy tickets for a Spurs game. Mr. Coyote is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?
The arena forgot to print enough tickets.
The supply of tickets was greater than the demand.
The arena charged too much money for each ticket.
The demand for tickets was greater than the supply.
Which statement expresses a central idea of how the laws of supply and demand work?
The government sets the prices for goods and services.
Prices are determined by the interaction of producers and consumers.
Consumers alone determine the prices for goods and services.
Technology dictates the prices charged for goods and services.
If the price of a substitute to good X increases, then
The demand for good X will increase.
The market price of good X will decrease.
The demand for good X will decrease.
The demand for good X will not change.
Refer to Graph 4-1. The movement from point A to point B on the graph shows
a decrease in demand.
an increase in demand.
an increase in quantity demanded.
a decrease in quantity demanded.
What does the Latin phrase Ceteris paribus literally mean?
"other things being equal."
"after this therefore because of this."
"to respond slowly to a change in price."
"There's no such thing as a free lunch."
