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WorksheetsDemand Review
Total questions: 40
Worksheet time: 2hrs 36mins
The law of demand argues that as prices rise
the quantity demanded will fall
the quantity demanded will rise
the demand curve will shift to the right
no change will occur
This part of the market determines DEMAND
buyers
sellers
suppliers
store owners
Which of the following will cause an increase in demand for snowboards?
More costly production methods
A decrease in the price of lift tickets (a compliment) at resorts in Colorado
A decrease in consumer income
A decrease in the population
Demand can be best defined as
an individual's need or desire for a good or service at a given price.
how much of a good or service is being produced.
The only thing that causes a movement along a supply or demand curve (Change in Quantity Demanded):
Price Change
Quantity Change
Climate Change
Weather Change
Goods that are bought and used together are
complementary goods
substitute goods
income goods
unrelated goods
Which of the following is likely to increase the demand for peanut butter?
Fewer children in the population
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
A big increase in the price of jelly.
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
A shift of the demand curve represents
a movement on the demand curve
a change in the quantity demanded
a change in demand
all of the above
If the number of buyers in the market increases, which of the following will happen?
The supply in the market will increase
The supply in the market will decrease
The demand in the market will increase
The demand in the market will decrease
What will happen in the car market if consumers expect higher prices in the near future?
The demand for cars will decrease
The demand for cars will increase
The supply of cars will drop
The demand for cars will not change
When goods are substitutes, which of the following occurs?
The demand for one good moves in the opposite direction as the price of the other good
The demand for one good does not affect the price of the other
The demand for one good moves in the same direction as the price of the other good
The supply for one good moves in the opposite direction as the price of the other good
With complementary goods, which of the following occurs?
The demand for one good moves in the same direction as the price of the other good
The demand for one good moves in the opposite direction as the price of the other good
The demand for one good does not affect the price of the other
The supply of one good moves in the opposite direction as the price of the other good
A change in the price of a good causes people to buy more or less of an item. This best describes the concept of
the demand curve
change in quantity demanded
change in demand
elasticity
The quantity demanded of a good or service changes at all price levels best describes the concept of
change in quantity demanded
elasticity
change in demand
demand curve
Which of these shows a decrease in the quantity demanded?
Which of these shows an increase in the quantity demanded?
The substitution effect helps you predict that if the price of carrots rises from 50¢ to $1 each, people will:
buy more carrots
buy other vegetables
buy the same number of carrots
create a shortage of carrots
What impact does an increase in gasoline prices have on SUVs or other big cars?
increases demand
decreases demand
increases supply
decreases supply
indeterminate since these are neutral goods
Goods that go together like fish and tartar sauce are called?
substitutes
elastic goods
inferior goods
normal goods
complementary goods
An increase in price of a good will:
shift the demand curve left
shift the demand curve right
increase the quantity demanded
decrease the quantity demanded
we don’t know
You best friend would typically buy you a birthday cake, however, their job just cut wages by a dollar (- $1.00) an hour this week (-$40.00). What will happen to the demand curve for birthday cakes?
It will shift right, increasing demand
It will not shift
It will shift left, decreasing demand
The price of cakes will increase
If a popular singer like Bruno Mars releases a new digital album, what will happen to the demand curve?
It will shift left decreasing
It will shift right increasing
The demand curve will not shift
It depends on the price of the album whether or not the curve will move
What will happen to the demand for candy when the demand for roses changes (due to an increase in the price of a complementary good) and buying candy is less expense?
demand will shift right, increasing
demand will shift left, decreasing
What happens to the demand for roses if the price of candy increases due to the increase in the price of cocoa? Candy is now $2 more a expensive.
The demand curve for candy shifts right, increasing
The demand curve for candy shifts left, increases
The demand curve for roses shifts left, decreasing
The demand for roses shifts right, increasing
You go to work today and your boss tells you that you are getting an increase in your weekly income from $400 a week to $600. You are in the market for a new car that is priced at $10,000. The demand curve will shift which direction for new cars?
The demand curve shifts right, increasing demand
The demand curve shifts left, increasing demand
The demand curve shifts left, decreasing demand
UCF has two basketball games this weekend, they play on Saturday and Sunday.
What will happen to the demand for fast food in east Orlando this weekend?
The demand curve will shift right, increasing
The demand curve will shift right, decreasing
The demand curve will shift left, decreasing
The demand curve will shift left, increasing
You anticipate a shortage of roses on Valentines Day, therefore, you decide to purchase roses on the Sunday before Valentines Day. This will cause the demand curve to?
Shift right, increasing
Shift left, increasing
Shift right, decreasing
Shift left, decrfeasing
You anticipate the price of Valentine Day candy to rise on the Saturday before Valentine's Day, therefore you buy your candy on Friday, what will happen to the demand for Valentine's day candy on Friday?
It will shift right, decreasing
It will shift right, increasing
If will shift left, increasing
It will shift left, decreasing
You and your friends decide to go out to eat at a sit down restaurant. All of you want a nice steak dinner. Texas Roadhouse has an hour wait for a table. Logan's Steakhouse does not have a wait. You choose to go to Logan's Steakhouse instead.
This would be an example of?
Substitution Effect
Complementary Goods
Income Effect
Quantity Demanded
Identify which "Shifter" is involved: Kohl's announces a sale that is going to take place next weekend.
Change in the number of consumers
Change in complementary goods
Change in consumer expectations
Change in consumer tastes or preferences
Identify which "Shifter" is involved: A large group of high school students are getting tired of using Smart Phones, so a lot of stuents go buy the old school flip phones again because of the simplicity of life.
Change in consumer income
Change in consumer expectations
Change in complementary goods
Change in consumer taste of preference
Identify which "Shifter" is involved: Whit's raises every price on their menu $3.00.
Change in consumer income
Change in price of substitution goods
NO shift in the demand curve.
Change in the number of consumers
Identify which "Shifter" is involved: All teachers get a pay raise, now they can buy more candy for their students.
Change in consumer preference/taste
Change in consumer income
Change in price of substitute goods
Change in complementary goods
INCREASE or DECREASE in demand? Golf balls and golf tees are complementary goods. The price of all golf balls raise to more than double, this will ____________the demand of golf tees.
INCREASE
DECREASE
