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Worksheetsthe king of the demand
Total questions: 20
Worksheet time: 10mins
The want or willingness a consumer has to purchase a good or a service is called?
An individual who purchases (buy) goods.
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
What will happen to the price of new cars if a weak economy causes people to have lower incomes?
The price will increase
The price will decrease
What will happen to the price of baby cribs if there is a large increase in the number of babies born?
The price will increase
The price will decarese
What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?
The price will increase
The price will decrease
Which of the following would classify as substitutes?
pet, vet bills
bread, butter
Dominos, Pizza Hut
phone, charger
Which of the following would classify as complements?
Coke, Pepsi
tennis racket, tennis balls
coffee, tea
Iphone, Samsung Galaxy
According to the law of demand as price increases what happens to demand?
increases
decreases
unchanged
The relationship between price and quantity demanded is ___.
inverse
direct
unrelated
Which statement summarizes the law of diminishing marginal utility?
each time a consumer uses a good or service in a specific time frame, the less utility they get from the good or service
each time a producer produces a good or service in a specific time frame, it becomes less expensive to produce, therefore the price lowers
demand for neutral goods is unchanged when price changes
What is an inferior good?
A good that when income increases we demand less of the good.
A good that when income decreases we demand more of the good.
A good that does not change when demand increases or decreases.
A change in demand based on Consumer Expectation means that
demand will change now based on an expected change in price in the future.
demand will change in the future based on an expected change in price in the future.
an expectation that demand will change in the future for a price change that happens now
According to the law of demand, what happens when the price of a product goes up?
People buy more
People buy less
People buy the same amount
As the price of a product goes down, people buy less of that product
True
False
The law of diminishing marginal utility states that the marginal benefit each unit of a good or service tends to increase each time it's used
True
False
