WorksheetsFormative Assessment 1: Economics
Total questions: 9
Worksheet time: 4mins
Demand states that a producer can meet the consumers demand to buy goods in a given time.
True
False
It states on how one isolated variable may change an economic environment assuming all other variables either remains the same.
Demand
Ceteris Paribus
Substitution Effect
Income Effect
When price is 5; Qd = ?
Where:
Qd = ?
a = 160
b = 15
65
75
85
95
What is the linear demand curve equation?
(a)
Give the two concepts justifying Law of Demand
(a)
states that the price is inversely/indirectly proportional to the quality demand.
Law of Demand
Demand
Supply
Law of Supply
Concept of Demand that shows the commodities of different price levels at a specific time.
Demand Curve
Demand Function
Demand Schedule
Concept of Demand that shows the
relationship between the price of the commodities and the quantity demanded overtime.
Demand Curve
Demand Function
Demand Schedule
Concept of Demand that shows the
relationship between the quality demand and factors that change the demand.
Demand Curve
Demand Function
Demand Schedule
