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WorksheetsEconomics Unit 2 Test
Total questions: 35
Worksheet time: 18mins
If you were to graph this demand schedule, the demand curve would
slope upward from left to right.
slope downward from left to right.
be horizontal.
be vertical.
Which of the following choices could cause the movement shown in this graph?
a decrease in income
an increase in population
an increase in the price of a substitute
a decrease in the price of a complement
Based on this graph, how many Beanie Babies were demanded at a price of $6 before they became a fad?
100
200
300
400
The movement in the graph shows that the quantity demanded of butter decreased because the
price of butter increased.
price of margarine decreased.
price of margarine increased.
price of butter decreased.
Which of the following choices could cause the movement shown in this graph?
an increase in the price of Blu-ray discs
a decrease in the price of Blu-ray discs
an increase in the price of Blu-ray players
a decrease in the price of Blu-ray players
On Curve A in the graph, suppose the price dropped from $10 to $7. Would quantity demanded increase or decrease and by how much?
Quantity demanded would decrease by 1 unit.
Quantity demanded would increase by 1 unit.
Quantity demanded would decrease by 5 units.
Quantity demanded would increase by 5 units.
Find the price of $15 on the demand schedule. What point does this price and quantity correspond to in the graph?
V
W
X
Y
What does the movement from b' to b on the graph represent?
an increase in demand
an increase in quantity demanded
a decrease in demand
a decrease in quantity demanded
Study the illustration. At a price of $25, how much more of the product is demanded on curve D'D' than on curve DD?
2 units
3 units
1 unit
4 units
According to this demand curve, how many T-shirts will be demanded at a price of $10?
400
600
800
1000
According to this demand curve, if the price of T-shirts increases from $14 to $16, the quantity demanded will
fall from 600 to 400.
rise from 400 to 600.
fall from 400 to 200.
rise from 200 to 400.
According to this supply curve, 400 t-shirts will be supplied at what price?
$10
$12
$14
$16
According to this supply curve, if the price of T-shirts decreases from $18 to $16, the quantity supplied will
rise from 800 to 1000.
fall from 1000 to 800.
rise from 600 to 800.
fall from 800 to 600.
Which of the following choices could cause the movement shown in graph C?
technology improves production
inputs become cheaper
the number of firms increases
taxes increase
The movement shown in these graphs represents a change in what?
supply
demand
Quantity supplied
Quantity demanded
Which of the following choices could cause the movement shown in these graphs?
inputs become more expensive
the number of firms decreases
technology improves production
taxes increase
Suppose the demand curve shifts from D1 to D2, as shown on the graph. How do the quantity supplied and quantity demanded change at the new equilibrium price?
Quantity supplied increases and quantity demanded decreases
Quantity supplied decreases and quantity demanded increases
Both quantity supplied and quantity demanded increase.
Both quantity supplied and quantity demanded decrease.
What economic principle does the graph illustrate?
law of supply
law of diminishing marginal utility
law of diminishing returns
law of demand
If you were to graph this supply schedule, the supply curve would
be horizontal.
be vertical.
slope upward from left to right.
slope downward from left to right.
The change from the old demand curve to the new demand curve shown in the table represents a
movement upward along the demand curve.
movement downward along the demand curve.
shift of the demand curve to the left.
shift of the demand curve to the right.
The interaction of supply and demand determines the
elasticity.
price ceiling.
equilibrium price.
marginal utility.
When the price of a good is too high for consumers, they look for
inelastic demand.
substitutes.
inflation.
luxury items.
The quantity demanded of a product is affected by
output versus input.
surplus quantities.
price.
shortages.
Diminishing marginal utility refers to the fact that
demand declines as income falls.
additional satisfaction declines as additional units of an item are consumed.
people have unlimited needs.
in equilibrium, supply equals demand.
According to the law of supply, higher prices prompt producers to
increase demand.
maintain current production
produce less.
produce more.
Which of the following choices could cause the movement shown in the graph?
a decrease in income
an increase in population
a decrease in the price of a substitute
an increase in the price of a complement
The movement shown in this graph represents a change in what?
quantity demanded
marginal utility
demand
demand elasticity
Which products shown in the table are likely to have elastic demand?
gasoline in general, services of medical doctors
fresh tomatoes, gasoline from a particular station, butter
fresh tomatoes, gasoline in general, butter
gasoline from a particular station, gasoline in general, butter
Which products shown in the table are likely to have inelastic demand?
gasoline in general, services of medical doctors
fresh tomatoes, gasoline from a particular station, butter
fresh tomatoes, gasoline in general, butter
gasoline from a particular station, gasoline in general, butter
If the price of an item rises, quantity demanded usually
reflects the presence of new suppliers
rises.
remains unchanged.
falls.
The principle that states that the more you have of something, the less satisfaction you will get from an additional unit is the
law of demand.
law of diminishing marginal utility.
law of equilibrium.
price elasticity.
Demand for one particular brand of coffee is probably
elastic.
inelastic.
marginal utility.
substitutable.
Generally, the more substitutes there are for a good, the
more elastic the demand.
less valuable it is.
more complements there are.
less prices change.
If the price of a product is above its equilibrium price, the result is a
demand.
surplus.
shortage.
black market.
When Barbie dolls first became wildly popular overseas, how did this new popularity probably affect the demand curve for Barbie dolls?
The demand curve probably stayed about the same, indicating that the dolls were substitutes for other toys.
The demand curve probably shifted to the left, indicating a decrease in demand.
The demand curve probably shifted up, indicating an increase in demand.
The demand curve probably shifted to the right, indicating an increase in demand.
