WorksheetsDemand Revision Quiz
Total questions: 18
Worksheet time: 21mins
Imagine that Vietnam's population grows by 20% in one year. The change in (a) (b) leads to a (c) . In this case (d) . There is a/an (e) .
Assuming that coffee and tea are substitutes for consumers, which of the following is correct?
An increase in the price of tea will lead to an increase in demand for coffee
An increase in the price of tea will lead to a decrease in demand for coffee
An increase in the price of tea will lead to an expansion in demand for coffee
An increase in the price of tea will lead to a contraction in demand for coffee
Imagine that the news reports that, due to global factors, the price of petrol (fuel) is likely to increase substantially next week. What impact is this likely to have on demand for petrol now?
(a)
Refer to the diagram, which of the following factors could have caused the change shown?
A decrease in the price of Product Z, a complement
A decrease in consumer incomes
A decrease in the price of Product X
An expectation by consumers that Product X's price will decrease next week
Demand for goods and services reflects:
the principle that there is a positive relaitonship between the price and the quantity
the government's choices of taxes
the willingness and ability of buyers to purhase a product
the uncertainty of the need for a good as the price of the good increases
The fact that price and quantity demanded are related negatively illustrates the:
law of supply
law of quantity supplied
law of demand
law of quantity demanded
A demand curve for Kanye West concert tickets would show the
number of tickets the box office is willing to ell at various prices
number of people who need tickets
quality of people who want to buy these concert tickets
number of tickets that will be purchased at various prices
A demand curve
has a positive slope
has a negative slope
is constant regardless of price
is based on the assumption of a stable supply curve
At a price of $5, Sam buys 10 units of a product. When the price increases to $6, Sam buys 8 units. Martha says Sam's demand has decreased. Is Martha correct?
Yes, Martha is correct. Sam's demand has decreased.
No, Martha is incorrect. Sam's demand has increased.
No, Martha is incorrect. Sam's quantity demanded has decreased and his demand has not changed.
No, Martha is incorrect. Sam's quantity demanded has increased, and his demand has increased.
Demand is a relationship between which two economic variables?
the cost of producing a particular good and the quantity of the good produced
the cost of producing a particular good and the quantity of the good consumers are willing to buy
The price of a particular good and the price consumers are willing to pay
the price of a particular good and the quantity of the good consumers are willing and able to buy.
The relationship between price and quantity demanded can be represented in a table called a
(a)
Suppose there are only three people in the economy: Jane, Harry and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3–1. The total quantity demanded of corn if the market price is $5 is
(a)
Which of the following factors would likely cause an increase in demand for a product Z?
An increase in the price of Product Z.
A decrease in the price of Product Z.
An increase in the popularity of Product Z
An expectation that the price of Product Z will fall next week
Which of the following factors would likely cause a decrease in demand for a product A?
An increase in the price of Product A.
A decrease in the price of Product B, a substitute product.
A decrease in the price of Product C, a complementary product.
An expectation that the price of Product A will increase next week.
Imagine that due to favourable economic conditions, incomes in Melbourne have risen. This will lead to (a) for restaurant meals in Melbourne.
an increase in demand
a decrease in demand
a contraction in demand
an expansion in demand
Imagine there is a decrease in the birth rate in Hong Kong – less babies are being born than previously. How might this affect the demand for school places in five years’ time?
Demand with decrease
Demand will increase
Demand will expand
Demand will contract
Distinguish between an ‘expansion’ in demand and an ‘increase’ in demand by illustrating the difference on diagrams
List five different examples of non-price determinants of demand.
