Worksheets09BUS Formative Assessment
Total questions: 17
Worksheet time: 19mins
Negative Externalities are?
Costs imposed on market participants
Costs imposed on third parties
Benefits imposed on market participants
Benefits imposed on third parties
After the Christmas holidays, what will happen to the prices of wrapping paper?
Decrease
Increase
Stay the same
Which condition would lead to the highest prices for a product?
Low supply, high demand
High supply, high demand
High supply, low demand
Low supply, low demand
Which of the following will cause an increase in demand for snowboards?
More costly production methods
A decrease in the price of lift tickets at resorts in Colorado
A decrease in consumer income
A decrease in the population
A popular artist dies, meaning, he will obviously create no more art. How does this affect the law of demand?
Demand will increase
Demand will decrease
Demand will stay the same
Graph shows which of the following?
(actually use this graph to answer the question)
a decrease in demand (shift) and a decrease in quantity supplied
a decrease in demand (shift) and a decrease in supply
a decrease in quantity demanded and a decrease in quantity supplied
a decrease in quantity demanded and a decrease in supply (shift)
The first stage of the consumer buying decision-making process is the...
Need Recognition
Information Search
Evaluating Alternatives
Purchase Decision
What was the quantity of demand when the price hit $2
40
70
90
140
Lake Naivasha helps supply 70% of the UK flower market. Water extraction from the lake has damaged fish stocks in the area. The impact of the flower production is an example of:
Internal Benefits
Internal Costs
External Costs
External Benefits
There has recently been a crude oil shortage in Abu Dhabi which has affected the usual amount of shipments to Australian petrol stations. How will this affect BP's Supply, Demand and Price of their petrol? Explain below.
Due to sudden COVID restrictions, an Australian wool company has not been able to export their wool to their usual business partners around the world. What does this mean for the company's Supply and Demand? And how may this affect the price of their wool?
Which of the following steps of the consumer decision making process involves comparing the product to expectations and deciding whether it is satisfying or dissatisfying?
Alternative evaluation
Post-purchase evaluation
Information searching
Need identification
