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Chapter 3: Demand

Total questions: 70

Worksheet time: 1hrs 7mins

Name
Class
Date
1.

•If a person is willing to purchase a product but is not able to purchase it, it won't be considered as demand.

a)

True

b)

False

2.

The demand of a single consumer or producer is called ___________

a)

My Demand

b)

Individual Demand

c)

Personalized Demand

d)

Constructive Demand

3.

Demand is a combination of:

A. Desire

B. Ability/Capacity

C. Willingness/Readiness

a)

A & B

b)

B & C

c)

A & C

d)

A, B & C

4.

If the price of Frozen Yogurt increased then the demand for ice cream will

a)

Increase

b)

Decrease

5.

Substitute Goods are the goods that:

a)

Go hand in hand with other products

b)

Are used independently

c)

can replace or used instead of a product

6.

Which of the following is an example of Substitute Goods

a)

Petrol and Car

b)

Ink and Pen

c)

Tea and Coffee

7.

Which of the following is classified as an example for complimentary goods

a)

Butter & Jam

b)

Petrol and Diesel

c)

Mobile phone and a charging cable

8.

Market Demand is the aggregate of all the Individual Demand.

a)

True

b)

False

9.

Demand Schedule is the (a)   showing various quantities being demanded at various levels of price, during a given period of time.

10.

Individual and market demand, both follows the Law of Demand.

a)

True

b)

False

11.

Law of Demand shows the direct relationship between the price and quantity demanded.

a)

False

b)

True

12.

Find the missing value.

a)

12

b)

15

c)

14

d)

05

13.

"People Buy more Ice-cream during summer than winter season." Identify the change.

a)

Change in quantity demand

b)

Change in demand

14.

Ink pen and ball pen are :-

a)

Complementary

b)

Substitutes

15.

Key and key-ring are:

a)

Complementary

b)

Substitutes

16.

Factors affecting Demand is/are:

a)

Price of commodity

b)

Price of related goods

c)

Income of Consumer

d)

Change in Technology during production

17.

Demand and want are identical terms.

a)

True

b)

False

18.

The desire to own something and the ability to buy it is...

a)

elasticity

b)

law of demand

c)

supply

d)

demand

19.

The law of demand states that a consumer will buy more of a good when the price is...

a)

higher

b)

lower

20.

If the price of iPhones goes up people may buy more Samsung phones because of...

a)

a change in income

b)

a change in consumer tastes

c)

the substitution effect

d)

habit forming goods

21.

This shows a demand

a)

increase

b)

decrease

22.

This shows a demand

a)

increase

b)

decrease

23.

If the likelihood of you purchasing something will change dramatically due to its price, then your demand for that good is

a)

elastic

b)

inelastic

24.

If you will buy something even if the price increases your demand for that item is ______________________

a)

elastic

b)

inelastic

25.

Which of these items has an elastic demand?

a)

necessary medication

b)

rent

c)

movie tickets

d)

gasoline

26.

Which of these items has an inelastic demand?

a)

groceries

b)

your 10th pair of flip flops

c)

new headphones

d)

a poster for your room

27.

If someone buys fewer Starbucks coffees because they had to take a different job the reason for their change in demand for Starbucks is due to....

a)

change in consumer tastes

b)

change in income

c)

level of price

d)

substitute availability

28.

If someone stops buying Starbucks and starts making coffee at home their shift in demand is due to...

a)

level of price

b)

change of income

c)

substitute availability

29.

Which of these goods has no easily available substitute?

a)

Gatorade

b)

JIF peanut butter

c)

gasoline

d)

Domino's pizza

30.
What is demand?
a)
The desire to own something and the ability to afford it.
b)
A graph that shows the quantity demanded at every price.
c)
The usefulness of a product expressed in a dollar sign.
31.
Which of the following best describes the Law of Demand?
a)
As price goes down, demand goes down. (and vice versa).
b)
As price goes down, demand goes up (and vice versa).
c)
As demand goes down, supply goes up.
d)
As demand goes up, price becomes elastic.
32.
A change in quantity demanded is shown
a)
at various points on the demand curve
b)
with a new demand curve drawn above or below the original demand curve
c)
with a vertical line
33.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
34.

If there is an increase in demand, the graph will shift to the

a)
right
b)
left
c)
bottom
d)
up
35.
If there is a decrease in demand, the graph will shift to the
a)
right
b)
left
c)
up 
d)
down
36.
Jennifer Lopez is seen wearing a new short and sleek dress. People now want this dress. Which demand determinant is this most likely to fall under?
a)
Change in Consumer Income
b)
Change in Consumer Tastes
c)
Change in Price of Substitute Good
d)
Change in Consumer Price Expectations
37.
Oreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies, I now want to buy Chips Ahoy. What determinant of demand does this likely fall under?
a)
Change in Price of Complementary Good
b)
Change in Price of Substitute Good
c)
Change in Consumer Price Expectations
d)
Change in Number of Consumers in the Market
38.
The government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?
a)
Change in Consumer Tastes
b)
Change in Consumer Price Expectations
c)
Change in Number of Consumers in the Market
d)
Change in Consumer Income
39.

I know that the iPhone 14 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 13 when the new iPhone comes to the market because it will be much cheaper than today's price. What determinant of demand does this suggest?

a)
Change in Price of Complementary Good
b)
Change in Consumer Price Expectations
c)
Change in Number of Consumers in the Market
d)
Change in Consumer Income
40.
Porterville, California is now a major immigration center for Russians. Over 10,000 Russians are living in Porterville now! What demand does this determine?
a)
Change in Consumer Income
b)
Change in Consumer Tastes
c)
Change in Consumer Price Expectations
d)
Change in Number of Consumers in the Market
41.
What is a market demand curve?
a)
table showing how much of a product an individual is willing to pay
b)
table showing how much of a product a market is willing to buy
c)
graph showing how much of a product an individual is willing to buy
d)
graph showing how much of a product an market is willing to buy
42.
Skiers flock to a town in the Rockies in January, and restaurant business booms. What factor is affecting demand?
a)
income
b)
market size
c)
consumer taste
d)
substitutes
43.
When the price of Nike soccer balls fell, Ronaldo purchased more Nike soccer balls, and fewer Adidas soccer balls. Which of the following best explains Ronaldo's decision to buy more Nike soccer balls?
a)
the substitution effect
b)
the income effect
c)
an increase in the demand for Nike soccer balls
d)
the price effect
44.
If Mary used to buy 10 units at $4 each and now buys 15 units when the price is $4, her
a)
quantity demanded has increased
b)
quantity demanded has decreased 
c)
demand has increased
d)
demand has decreased
45.
Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 
a)
complements
b)
substitutes
c)
inferior goods
d)
resources
46.
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
a)
market size
b)
price of a substitute good
c)
price of a complementary good
d)
tastes and preferences 
47.

What is the income effect?

a)

When the IRS takes more of your money when you make more.

b)

When consumers can buy more if their income goes up.

c)

When the amount of money you earn increases.

48.

Which of the following cause a change in demand? (you can pick more than one)

a)

Consumer Income

b)

Consumer Tastes

c)

Number of consumers

49.
What factor could have caused the demand to decrease?
a)
incomes increased
b)
expectation that prices will increase 
c)
a decrease in the price of a substitute 
d)
increase in market size
50.

When classifying a good or service as having demand, that means that consumers have both the desire for the good or service and ____________.

a)

the ability to pay for it.

b)

it is a need, not just a want.

c)

there is enough supply of the product for them to demand.

d)

there is no substitute available.

51.

Which of the following would classify as substitutes?

a)

pet, vet bills

b)

bread, butter

c)

Dominos, Pizza Hut

d)

phone, charger

52.

Which of the following would classify as complements?

a)

Coke, Pepsi

b)

tennis racket, tennis balls

c)

coffee, tea

d)

Iphone, Samsung Galaxy

53.

According to the law of demand as price increases what happens to demand?

a)

increases

b)

decreases

c)

unchanged

54.

The relationship between price and quantity demanded is ___.

a)

inverse

b)

direct

c)

unrelated

55.

When price changes, why does the demand curve not shift?

a)

a price change does not change quantity demanded

b)

the demand curve demonstrates a change in quantity demanded and price

c)

the demand for goods and services does not change when price changes

d)

natural forces explain the relationship between quantity demanded and price therefore demand does not need to shift.

56.

Why do demand curves slop downward?

a)

law of diminishing marginal utility

b)

because of the direct relationship between price and quantity demanded

c)

because price is always on the horizontal axis of a demand graph

57.

Which statement summarizes the law of diminishing marginal utility?

a)

each time a consumer uses a good or service in a specific time frame, the less utility they get from the good or service

b)

each time a producer produces a good or service in a specific time frame, it becomes less expensive to produce, therefore the price lowers

c)

demand for neutral goods is unchanged when price changes

58.

What is relationship between demand and market size?

a)

direct - Market size goes up, Demand goes up

b)

indirect - Market size goes down, Demand goes down

c)

unchanged - there is no change in demand when market size increases or decreases

59.

A change in demand based on Consumer Expectation means that

a)

demand will change now based on an expected change in price in the future.

b)

demand will change in the future based on an expected change in price in the future.

c)

an expectation that demand will change in the future for a price change that happens now

60.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
61.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
62.

What does the law of demand say

a)

consumers will buy less of something  when the price goes down

b)

consumers will buy more of something  when price increases. 

c)

 consumers will buy more of something  when prices decrease.

d)

None of the above.

63.

Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
64.

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.

a)

elastic

b)

unitary elastic

c)

inelastic

d)

hyperelastic

65.

Which of the following is an example of inelastic demand?

a)

Jason wants the most expensive cellphone. He decides to get a cheaper model.

b)

Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.

c)

Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.

d)

Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.

66.

How does elasticity affect potential revenue for a firm?

a)

If demand for a good is inelastic, lowering the price could raise revenue.

b)

If demand for a good is inelastic, raising the price could reduce revenue.

c)

If demand for a good is elastic, raising the price must increase revenue.

d)

If demand for a good is elastic, raising the price could reduce revenue.

67.

Which of the following two goods is more likely to be inelastically demanded?

a)

Demand for insulin

b)

Demand for vitamins

68.
The formula for calculating elasticity of demand is:
a)
The % change in price over the % change in quantity demanded
b)
The % change in quantity demanded over the % change in price
c)
The change in price over the change in quantity demaned
d)
The change in quantity demanded over the change in price
69.
The price elasticity of demand measures how much
a)
quantity demanded responds to a change in price.
b)
quantity demanded responds to a change in income.
c)
price responds to a change in demand.
d)
demand responds to a change in supply.
70.
Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
a)
0
b)
1
c)
6
d)
36

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