WorksheetsDemand Review (EC)
Total questions: 21
Worksheet time: 11mins
If consumers expect higher coffee prices in the future:
The demand for coffee will increase now
The demand for coffee will decrease now.
The supply of coffee will increase now.
The supply of coffee will decrease now.
An increase in the average incomes of consumers will result in:
A decrease in the demand for goods and services.
An increase in the demand for goods and services
A decrease in the supply of goods and services.
An increase in the supply of goods and services.
If good A is considered to be an inferior good, when incomes rise:
The demand for good A will increase and the demand curve will shift to the right.
The demand for good A will decrease and the demand curve will shift to the left.
The supply of good A will increase and the supply curve will shift right.
The supply of good A will decrease and the supply curve will shift left.
When the price of good A rises, people start to drink good B. In this case:
Good B is considered a luxury good.
Good B is a complementary good.
Good B is a substitute good
Good B is a normal good.
If the price of peanut butter were to increase, what would likely happen to the demand for jelly?
The demand for jelly would increase—the demand curve would shift right.
The demand for jelly would decrease—the demand curve would shift left.
The demand for jelly would increase—the demand curve would shift vertically upward.
The demand for jelly would decrease—the demand curve would shift vertically downward.
If two goods are complements, an increase in the price of one good will cause a decrease in the demand for the other.
True
False
An increase in the price of a good would be illustrated on a demand graph as a:
Shift of the demand curve to the right.
Shift of the demand curve to the left.
Movement along the demand curve upward.
Movement along the demand curve downward.
If a good is considered "normal" by economists, an increase in consumers' incomes will result in a decrease in the demand for the good.
True
False
According to the law of demand, as the price of a good or service increases, the:
Demand for the good or service will decrease.
Demand for the good or service will increase.
Quantity demanded of the good or service will decrease.
Quantity demanded of the good or service will increase.
An increase in the number of consumers in the market for chocolate would:
cause the demand curve to shift to the right.
cause the demand curve to shift to the left.
cause no movement of the demand curve.
cause the quantity demanded to decrease.
The demand curve usually:
Is horizontal.
Is vertical.
Slopes upward.
Slopes downward.
If suddenly the price of a complementary good, such as peanut butter, doubled, what might happen to the demand curve for chocolate?
The curve would shift to the right.
The curve would shift to the left.
The curve would not move.
The curve would move down.
What are the two components of demand?
Willingness to sell and money supply
Price and quantity
Willingness to purchase and ability to pay
Quality and quantity
What does the law of demand state?
As the price of a good or service increases, the quantity of that good or service demanded decreases.
As the price of a good or service increases, the quantity of that good or service demanded increases.
As the demand of a good or service decreases, the supply of that good or service increases.
As the demand of a good or service increases, the supply of that good or service decreases.
What type of relationship is there between price and quantity?
Direct
No relationship
Inverse
Parabolic
On a demand graph,
Price is on the y axis; quantity is on the x axis.
Price is on the x axis, quantity is on the y axis.
Supply is on the x axis, price is on the y axis.
Supply is on the y axis, price is on the x axis.
Demand curves slope downward because there is:
A direct relationship between price and quantity demanded.
An inverse relationship between price and quantity demanded.
No relationship between price and quantity demanded.
A direct relationship between price and demand.
An increase in the price of peanut butter will:
Cause the demand curve for jelly to shift to the left.
Cause the demand curve for jelly to shift to the right.
Cause the demand curve for peanut butter to shift to the right.
Cause the demand curve for peanut butter to shift to the left.
If scientists discover that eating bacon reduces cholesterol levels,
The demand for bacon will increase.
The demand for bacon will decrease.
There will be fewer pounds of bacon consumed.
There will be no effect on the consumption of bacon.
What good is it when price of good increases, demand for other increases
substitute goods
Inferior good
luxury good
normal good
what good is it when The price of a good increases, the demand for the complement will decrease.
complement
normal
substitute
luxury
