WorksheetsSupply and Demand Review
Total questions: 20
Worksheet time: 10mins
If supply increases then price
decreases
increases
stays same
can't tell without more info
If demand increases then price
decreases
increases
stays same
can't tell without more info
If supply decreases then price
decreases
increases
stays same
can't tell without more info
If demand decreases then price
decreases
increases
stays same
can't tell without more info
If demand decreases while supply increases then prices will
decrease
increase
stays same
can't tell without more info
If demand increases while supply decreases prices will
decrease
increase
stays same
can't tell without more info
The news has just reported that people have been poisoned after buying tylenol bottles that had been tampered with. What will happen to demand
increase
decrease
stay the same
not info info to tell
The news has just reported that people have been poisoned after buying tylenol bottles that had been tampered with. What factor is going to cause a change in its demand?
price change
expectation of buyers
population
quotas
A storm blew a large cargo ship off course blocking the Suez Canal. Other ships had to reroute around Africa. What happened to the supply of goods going to Europe?
increase
decrease
stay the same
not info info to tell
A storm blew a large cargo ship off course blocking the Suez Canal. Other ships had to reroute around Africa. What factor is affecting the supply of goods to Europe?
price of inputs
substitutes
weather (acts of God)
number of firms in the industry
During the Covid shutdown, the U.S. and Canada closed their borders to each other. Much of our lumber comes from Canada. Would this affect the supply or demand of lumber?
supply
demand
not enough info
During the Covid shutdown, the U.S. and Canada closed their borders to each other. Much of our lumber comes from Canada. What probably happened to the supply of available lumber in the U.S.
increased
decreased
not enough info
During the Covid shutdown, the U.S. and Canada closed their borders to each other. Much of our lumber comes from Canada. What probably happened to the price of lumber here in the U.S.?
increased
decreased
not enough info
Electrolux made the first robotic vacuum in 1996. Since then, many companies are producing self-moving, robotic vacuums. What non-price factor is affecting supply now?
population
substitutes
number of firms in the industry
price of inputs
With so many companies now producing robotic vacuums, what has probably happened to prices of the vacuums?
increase
decrease
not enough info
The demand for a Louis Vuitton purse increased dramatically at Christmas time when the company ran a 10% off sale. This means the demand for this designer purse is
elastic
inelastic
proportional
Goods with an inelastic demand are usually extremely cheap or
a necessity
a luxury
has plenty of substitutes
The demand for salt is
elastic
inelastic
proportional
If the price goes up, you may not see the supply go up immediately because of
competition
time lags
quotas
If price goes up, you may not see supply go up if
the company gets competition
there is an increase in the cost of inputs
the population moves out of an areas
