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Demand Exercise

Total questions: 25

Worksheet time: 12mins

Name
Class
Date
1.
The diagram represents a
a)
increase in demand
b)
decrease in demand
2.
Consider the market for cars in Hong Kong. If the price of gasoline increases then the Demand for cars will
a)
increase
b)
decrease
3.
An decrease in demand for iPhones in HK could be caused by a(n)
a)
increase in price for Samsung Galaxy
b)
increase in population in HK
c)
the price for iPhones is expected to increase next week
d)
the price of iPhone apps increased
4.
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
a)
market size
b)
price of a substitute good
c)
price of a complementary good
d)
tastes and preferences 
5.
If the price of Frozen Yogurt increased then the demand for ice cream will 
a)
increase
b)
decrease
6.
The Hong Kong government reduced income tax by 10%. The demand for shoes will 
a)
increase
b)
decrease
7.
The law of demand states that as the price increases then 
a)
quantity demanded increases
b)
quantity demanded decreases
c)
demand increases
d)
demand decreases
8.
The price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas will
a)
increase
b)
decrease
9.
What factor could have caused the demand to decrease?
a)
incomes increased
b)
expectation that prices will increase 
c)
a decrease in the price of a substitute 
d)
increase in market size
10.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Population (Change in the number of buyers)
11.
Which of the following best describes the Law of Demand?
a)
As price goes down, demand goes down. (and vice versa).
b)
As price goes down, demand goes up (and vice versa).
c)
As demand goes down, supply goes up.
d)
As demand goes up, price becomes elastic.
12.
What is the only factor that does not shift or change demand or supply, it only causes movement along a stable demand or supply curve?
a)
population
b)
income
c)
price
d)
tastes and preferences
13.
The price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price?
a)
The demand curve for movie tickets will move right.
b)
The quantity demanded for movie tickets will increase.
c)
The demand curve for movie tickets will move left
d)
The quantity demand for movie tickets will decrease
14.
What factor could have caused the demand to decrease?
a)
incomes increased
b)
expectation that prices will increase 
c)
a decrease in the price of a substitute 
d)
increase in market size
15.

Demand means

a)

the amount of a good or service that consumers are willing to buy.

b)

is the amount of a good or service produced.

c)

is the price that is demanded by consumers.

d)

None of the above.

16.

If the price of a good or service decreases what will happen to the demand for it?

a)

increase

b)

decrease

c)

stay the same

d)

who knows

17.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
18.

If the price of printers goes down, what happens in the market for ink cartridges?

a)

Supply increases.

b)

Supply decreases.

c)

Demand increases.

d)

Demand decreases

19.
To access Internet services, consumers must use a computer. If computer prices fall, what is the effect on the demand for Internet services
a)
the demand for Internet services increases
b)
the demand for Internet services decreases
c)
The demand for Internet services remains unchanged
d)
The demand for Internet services could increase, decrease, or stay the same depending on other factors 
20.
Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 
a)
complements
b)
substitutes
c)
inferior goods
d)
resources
21.

When the price of a product increases, a consumer is able to buy less of it. Which effect does this describe?

a)

Cost Effect

b)

Inflationary Effect

c)

Income Effect

d)

Substitution Effect

22.

Consider the market for cellular phones. Which of the following shifts the demand curve to the left?

a)

studies showing using cellular phones can cause brain cancer

b)

a decrease in the price of cellular phones

c)

a decrease in the quantity demanded of cellular phones

d)

an increase in the services provided by cellular phones, such as text messaging

23.

The price of coffee increases and people switch to drinking tea. The determinant of demand is

a)

Income

b)

Price of Related Goods (Complements)

c)

Consumer Preferences/Tastes

d)

Price of Related Goods (Substitutes)

24.

What is the only factor that causes a change in quantity demanded (Slide) along a demand curve?

a)

population

b)

income

c)

price

d)

tastes and preferences

25.

The law of demand deals with how _____ effects the quantity demanded

a)

Feelings

b)

Quantity

c)

Price

d)

Appearance

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