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WorksheetsDemand Review
Total questions: 28
Worksheet time: 15mins
You buy Halloween candy because it's on sale. You eat the first bag of candy quickly but by the time you get to the 4th bag, you start to feel sick. What is this an example of?
Elasticity
The Law of Demand
Diminishing Marginal Utility
Quantity
The quantity demanded of a good remains constant when the price rises from $5.00 to $20.00 per unit. Is the product elastic or inelastic?
Elastic
Inelastic
Insulin is an inelastic good. What will happen to demand if prices rise from $1 per dose to $10 per dose.
Demand remains the same
Demand in
Demand decreases
Inelastic products are very responsive to changes in price.
True
False
The Law of Diminishing Marginal Utility states that utility increases with each unit gained.
True
False
What do we call a change in price AND demand?
Shift
Movement
What do we call a change in demand but price stays the same?
Shift
Movement
Which TWO graphs show both price and demand changing?
Which TWO graphs show only demand changing and price staying the same?
Which TWO graphs are called a SHIFT in demand?
There is a pandemic happening. Many people do not want to work because they fear catching/spreading the disease. These people are now earning less money. Which graph displays demand?
Which TWO graphs are called a MOVEMENT in demand?
Which graph shows demand that is more elastic?
Which graph shows demand that is more inelastic?
The news forecasts a huge storm will hit Florida. People know that groceries will be hard to come by in the aftermath of the hurricane and buy them before the storm hits. Which graph displays demand?
The price of gas increases. Which graph reflects demand for gas?
Chicken and Hot sauce are good to eat together. Chicken prices rise and the demand for hot sauce falls. Which graph displays the demand for hot sauce?
The cost of coffee rises significantly because of a strike by coffee growers across the world. People start to buy black tea instead. Which graph reflects the demand for tea?
The price of houses decrease when the housing bubble bursts. Which graph reflects the demand for houses?
There is a civil war in Spain. Refugees flood into Morocco. Which graph reflects demand in Morocco?
Fidget spinners were really popular with high schoolers for a while. Now they've fallen out of style. Which graph reflects the demand for fidget spinners?
There is a pandemic happening. Many people do not want to work because they fear catching/spreading the disease. These people are now earning less money. Which determinant is this?
Taste/Preference
Expectations
Change in Income
Number of Consumers
Substitute Goods
The news forecasts a huge storm will hit Florida. People know that groceries will be hard to come by in the aftermath of the hurricane and buy them before the storm hits. Which determinant is this?
Taste/Preference
Expectations
Change in Income
Complementary Goods
Substitute Goods
Chicken and Hot sauce are good to eat together. Chicken prices rise and the demand for hot sauce falls. Which determinant is this?
Taste/Preference
Number of Consumers
Change in Income
Complementary Goods
Substitute Goods
The cost of coffee rises significantly because of a strike by coffee growers across the world. People start to buy black tea instead. Which determinant is this?
Expectations
Number of Consumers
Change in Income
Complementary Goods
Substitute Goods
There is a civil war in Spain. Refugees flood into Morocco. Which determinant is this?
Expectations
Number of Consumers
Taste/Preference
Complementary Goods
Substitute Goods
Fidget spinners were really popular with high schoolers for a while. Now they've fallen out of style. Which determinant is this?
Expectations
Number of Consumers
Taste/Preference
Complementary Goods
Change in Income
The Law of Demand states that as prices increase demand decreases
True
False
