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WorksheetsEconomics Demand
Total questions: 14
Worksheet time: 14mins
When a consumer is able and willing to buy a good or service, he or she creates which of the following?
consumption
demand
elasticity
supply
What determines the price and quantity supplied of most goods?
the consumers perception of neccesity
the interaction of supply and demand
the availability of substitutes for the goods
the quality of the goods produced
What are inferior goods
goods that are not produced well.
goods that no one wants to buy
goods that consumers demand rises for when their income rises
goods that consumers demand falls when their income rises
Ceteris Paribus, or "all other things held constant" is an assumption that has which of the following effects on a demand schedule.
It takes ONLY price into account
It considers the effects of all possible changes on demand
It is accurate no matter what changes occur
It is accurate only at one price level
What shows the quantities of products demanded at each price by ALL consumers in the market
an elasticity and consumption list
a schedule of consumer prices
A market pricing lists
A market demand schedule
What does it mean when the demand for a product is inelastic
Consumers will not buy any of the product when the price rises
A price increase does not have a significant impact on demand from the consumer
Consumers are sensitive to a change in the price of a product they consume
There are few acceptable substitutes for the product that the consumer wants to purchase
What kind of table lists the quantity of a good that the individual consumer will buy at different prices.
demand schedule
demand curve
market demand schedule
market demand curve
What is the basic principle of the law of demand?
The higher the price, the more consumers will demand
Everyone has a limited income that they will spend
When a good's price is lower, more consumers will demand it.
Services are of interest the same way goods are
Which of the following is a good that might not be demanded by the consumer when prices rise?
complement
substitute
inferior good
luxury good
A shift in the demand curve means which of the following?
A change in demand at every price
a rise in prices
A decrease in price and quantity demanded
A change in consumer income
What is a company's Total Revenue
The price of a suppliers goods
The amount of revenue a supplier receives from selling its goods
The amount of goods a company can expect to sell
The amount of profit a company can expect to make
When prices rise (inflation), which of the following happens to income
income goes down
income buys less
Income rises to meet prices
Income is used to buy different things
Which of the goods would be bought in the same quantity, even if the price doubled?
shoes
hamburgers
pencils
computers
Which of the following is a fixed price for a store
short term workers
rent
advertising
inventory
