WorksheetsEconomics G11 Q4 demand CW
Total questions: 30
Worksheet time: 3hrs 30mins
The desire to have some good or service and the ability to pay for it
supply
equilibrium
demand
quantity demanded
Which of these best describes the law of demand?
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
A change in the price of a good causes people to buy more or less of an item. This best describes the concept of
the demand curve
change in quantity demanded
change in demand
elasticity
Elasticity refers to
how producers of goods and services react to price changes
how consumers of goods and services react to price changes
how far a supply of scarce goods can be stretched
how often the price of a good or service changes when quantity demanded changes
Which of these demonstrates inelastic demand? (multiple answers)
a cold snap destroys an apple crop causing prices to jump, however, people still buy apples and quantity demanded does not change
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
concert tickets are not selling well, so the venue drops prices by 80%; the tickets sell out shortly thereafter
a restaurant starts charging a $10 delivery fee, delivery orders drop by 50% in the first month
Which of the following are
non-examples of complements?
football jersey and shoulder pads
iPod and iPad
bicycle and helmet
computer and charging cord
What would not cause a change (shift) in the demand curve?
a decrease in the salary’s of the population
a change in popularity of the good
a change in price of the good
an increase in the price of a substitute good
How can expectations about a future price change consumer behavior?
If the price is expected to stay the same, immediate demand will decrease.
Immediate demand for a good is not related to future price expectations.
If a good is expected to be plentiful, demand will not be affected.
Immediate demand will increase, if a good’s price is expected to rise in the future.
Which of the following would cause the demand curve to
shift to the right?
a popular toys loses appeal
Suppliers expect higher prices in the future
price of a substitute good decreases
the average annual income increases
If the price of printers goes down, what happens in the market for ink cartridges?
Supply increases.
Supply decreases.
Demand increases.
Demand decreases
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
Why does demand generally become more elastic over time?
People don't change their shopping behavior over time.
Few substitutes become available.
People buy more products over time.
People have time to find substitutes and change behaviors.
