WorksheetsEconomics Tester
Total questions: 8
Worksheet time: 3mins
What is Demand?
(a)
The law of demand states that:
If the demand is more than the supply and prices are low, consumers will buy more of the commodity.
The law of demand states that if all other factors affecting demand remain constant, the buyers will buy more quantity of a commodity at lower price and less of it at a higher price
The law of demand states that if all other factors affecting demand increase, the buyers will buy more quantity of a commodity at high price and less of it at a low price
If the supply is more than the demand and prices are high, consumers will buy less of the commodity.
Who is considered the father of economics?
Robert Oppenhiemer
Charles Babbage
Galileo Galilei
Adam Smith
What causes imbalances of demand & supply?
Consumer's Budget
Disequilibrium Situation & prices.
Unequal Demand and Supply.
Various factors such as changes in consumer preferences, government policies, money shortage, and economic conditions.
When Demand decreases, but supply remains same, the price of the commodity:
Increases
Falls
Remains same
None
Imbalances and Cascading effects of Demand & Supply affect:
Globe
Country's Economy
SDG's or Sustainable Development Goals
USA
Draw the Supply Curve:
Wants cannot be changed to demands unless and until:
The person has adequate money and willingness to buy.
The person has not adequate money.
The person's age is not eligible for the good
The good is available in the market.
