wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Some simple definitions...

Total questions: 61

Worksheet time: 44mins

Name
Class
Date
1.

What is the definition of Demand?

a)

Willingness & ability to buy something.

b)

The total supply of goods in a market.

c)

The amount of money a person earns.

d)

The process of producing goods.

2.

What does the Law of Demand state?

a)

As the price of a good rises, the quantity demanded will fall, and as the price falls, the quantity demanded will rise.

b)

As the price of a good rises, the quantity demanded will also rise.

c)

As the price of a good falls, the quantity demanded will also fall.

d)

The quantity demanded of a good is not affected by its price.

3.

What is Quantity Demanded (Qd)?

a)

Amount of a good you demand at a certain price.

b)

The total supply available in the market.

c)

The price at which goods are sold.

d)

The cost of producing a good.

4.

What is a Demand Schedule?

a)

A chart that shows the Qd at various prices.

b)

A list of products available in the market.

c)

A schedule of supply at different prices.

d)

A timetable for market opening hours.

5.

According to the demand schedule for hotdogs at the Chicago Fire match, the quantity demanded at the price of $1 is _____.

a)

7

b)

3

c)

10

d)

5

6.

According to the demand schedule for hotdogs at the Chicago Fire match, the quantity demanded at the price of $2 is _____?

a)

6

b)

2

c)

10

d)

4

7.

According to the demand schedule for hotdogs at the Chicago Fire match, the quantity demanded at the price of $4 is _____.

a)

3

b)

1

c)

5

d)

7

8.

According to the demand schedule for hotdogs at the Chicago Fire match, the quantity demanded at the price of $6 is _____.

a)

1

b)

2

c)

3

d)

4

9.

What is a Demand Curve?

a)

A graph that shows the Qd at various prices.

b)

A table that lists prices and quantities.

c)

A curve that shows supply at various prices.

d)

A list of goods demanded in a market.

10.

Fill in the blank: A Demand Curve is a graph that shows the ______ at various prices.

a)

Qd (quantity demanded)

b)

total revenue

c)

supply schedule

d)

market equilibrium

11.

Based on the graph shown, what happens to quantity demanded as price decreases?

a)

Quantity demanded increases

b)

Quantity demanded decreases

c)

Quantity demanded stays the same

d)

There is no relationship

12.

What does 'P' stand for in the context of the Law of Demand?

a)

Price

b)

Product

c)

Profit

d)

Production

13.

What does 'Qd' stand for in the context of the Law of Demand?

a)

Quantity Demanded

b)

Quality Determined

c)

Quota Distributed

d)

Quick Decision

14.

According to the Law of Demand, what happens to Quantity Demanded (Qd) if Price (P) increases?

a)

Qd increases

b)

Qd decreases

c)

Qd stays the same

15.

According to the Law of Demand, what happens to Quantity Demanded (Qd) if Price (P) decreases?

a)

Qd increases

b)

Qd decreases

c)

Qd stays the same

16.

Some things you need to buy are:

a)

Groceries

b)

Mountains

c)

Planets

d)

Oceans

17.

Some things you may want to buy are:

a)

Clothes

b)

Mountains

c)

Oceans

d)

Planets

18.

Fill in the blank: ________ is a measure of how much the Qd of a product changes as a result of a change in price of that product.

a)

Elasticity of Demand

b)

Law of Supply

c)

Marginal Cost

d)

Total Revenue

19.

According to the table 'Factors that Determine Elastic or Inelastic', which type of good is considered a necessity?

a)

Elastic

b)

Inelastic

20.

According to the table 'Factors that Determine Elastic or Inelastic', elastic goods have how many substitutes?

a)

Many

b)

Few

c)

None

d)

One

21.

According to the table 'Factors that Determine Elastic or Inelastic', inelastic goods are associated with which of the following:

a)

Lots of time

b)

Little time

22.

Fill in the blank: When something has a lot of substitutes, demand is ______ (it changes a lot when price changes).

a)

elastic

b)

inelastic

c)

constant

d)

fixed

23.

When something has few or no substitutes, demand is:

a)

Elastic (it changes a lot when price changes)

b)

Inelastic (demand doesn’t change a lot when prices change)

c)

Unrelated to price

d)

Always increasing

24.

Your best friend is turning 16 five months from now and you know you will be invited to the party. You are considering purchasing the card below. Will your demand be elastic or inelastic? Which factor(s)? Include the image of the birthday card in your answer.

a)

My demand will be inelastic because the card is a necessity for my best friend's birthday.

b)

My demand will be elastic because there are many substitutes for birthday cards.

c)

My demand will be elastic because I can delay the purchase.

d)

My demand will be inelastic because the card is a luxury item.

25.

The demand for your product will be elastic or inelastic depending on which factor(s)?

a)

Availability of substitutes

b)

Color of the product

c)

Brand logo design

d)

Store location only

26.

You are lost in the desert and you really need a glass of water. Will your demand be elastic or inelastic? Which factor(s)?

a)

Your demand will be inelastic because water is a necessity in this situation.

b)

Your demand will be elastic because you have many substitutes.

c)

Your demand will be elastic because price is not important.

d)

Your demand will be inelastic because you can easily find alternatives.

27.

If there are many substitutes for a product, is the demand elastic or inelastic?

a)

Elastic

b)

Inelastic

28.

If there is little time to make a decision, is the demand elastic or inelastic?

a)

Elastic

b)

Inelastic

29.

According to the demand schedule, what is the quantity demanded (Qd) when the price (P) is 4?

a)

90

b)

70

c)

110

d)

50

30.

According to the demand schedule, what is the quantity demanded (Qd) when the price (P) is 6?

a)

10

b)

6

c)

4

d)

12

31.

According to the demand schedule, what is the quantity demanded (Qd) when the price (P) is 10?

a)

9

b)

5

c)

12

d)

7

32.

According to the demand schedule, what is the quantity demanded (Qd) when the price (P) is 90?

a)

7

b)

5

c)

9

d)

3

33.

What is the definition of Supply?

a)

The willingness & ability of consumers to buy something.

b)

The willingness & ability of producers to make & sell something.

c)

The amount of money a producer earns.

d)

The total number of goods in a market.

34.

What does the Law of Supply state?

a)

Producers offer less of a good as its price increases.

b)

Producers offer more of a good as its price increases, and less as its price falls.

c)

Consumers buy more as price increases.

d)

Producers offer the same amount regardless of price.

35.

What is Quantity Supplied (Qs)?

a)

The amount of a good a consumer is willing to buy at a specific price.

b)

How much of a good a producer is willing and able to sell at a specific price.

c)

The total number of goods in a market.

d)

The price of a good in the market.

36.

Fill in the blank: According to the Law of Supply, if price (P) increases, then quantity supplied (Qs) _________.

a)

increases

b)

decreases

c)

remains constant

d)

becomes zero

37.

Fill in the blank: According to the Law of Supply, if price (P) decreases, then quantity supplied (Qs) _________.

a)

decreases

b)

increases

c)

remains constant

d)

becomes zero

38.

What is a supply schedule?

a)

A chart that lists how much of a good a supplier would offer at various prices

b)

A list of customers who buy a product

c)

A schedule of delivery times

d)

A list of expenses for a business

39.

According to the supply schedule, if the price per slice of pizza is $1, the quantity supplied is ____ slices per day.

a)

100

b)

50

c)

200

d)

300

40.

What is the quantity supplied (Qs) when the price (P) is $2?

a)

150

b)

100

c)

200

d)

250

41.

What is the price (P) when the quantity supplied (Qs) is 200?

a)

$3

b)

$5

c)

$1

d)

$7

42.

When you graph the data in a supply schedule, what do you get?

a)

Demand Curve

b)

Supply Curve

c)

Production Possibility Curve

d)

Indifference Curve

43.

At equilibrium, what are the quantity demanded and quantity supplied for slices of pizza per day?

a)

200 slices per day for both quantity demanded and quantity supplied

b)

150 slices per day for both quantity demanded and quantity supplied

c)

250 slices per day for both quantity demanded and quantity supplied

d)

100 slices per day for both quantity demanded and quantity supplied

44.

According to the slide 'The Benefits of Equilibrium', what does it mean when the market is at equilibrium?

a)

A) Quantity demanded is greater than quantity supplied

b)

B) Quantity supplied is greater than quantity demanded

c)

C) Quantity demanded equals quantity supplied

d)

D) There is no demand

45.

Fill in the blank: At equilibrium, sellers’ inventories are perfectly stocked to exactly match the amount that buyers want to ________.

a)

purchase

b)

sell

c)

store

d)

produce

46.

At equilibrium, there are wasted resources because sellers have too much inventory.

a)

True

b)

False

47.

Which of the following is NOT a benefit of equilibrium according to the slide?

a)

A) No wasted resources

b)

B) Everyone has enough, and no one has too much

c)

C) Prices are unpredictable

d)

D) Perfect matching of supply and demand

48.

What is the term for the situation when buyers and sellers don’t find equilibrium (EQ) at first in the market?

a)

Disequilibrium

b)

Monopoly

c)

Inflation

d)

Perfect Competition

49.

When prices are set too high or too low, there will be disequilibrium in the market.

a)

True

b)

False

50.

How many kinds of disequilibrium are there?

a)

2

b)

3

c)

4

d)

5

51.

In the context of the graph, what is the term used to describe the situation where the quantity demanded is more than the quantity supplied at a given price?

a)

Shortage

b)

Surplus

c)

Equilibrium

d)

Price floor

52.

Refer to the diagram showing the supply and demand for pizza slices. What happens when the price is set too high (above equilibrium)?

a)

There is a shortage

b)

There is a surplus

c)

Quantity demanded equals quantity supplied

d)

Price decreases to equilibrium

53.

According to the diagram, what is the term used when quantity supplied is more than the quantity demanded at a given price?

a)

Shortage

b)

Surplus

c)

Equilibrium

d)

Deficit

54.

In a shortage, stores run out of product and ______ prices to make more money.

a)

raise

b)

lower

c)

ignore

d)

freeze

55.

In a surplus, stores ______ prices to help sell their extra inventory. (Fill in the blank)

a)

drop

b)

raise

c)

ignore

d)

double

56.

In both a shortage and a surplus, prices eventually move toward what?

a)

Maximum price

b)

Minimum price

c)

Equilibrium (EQ)

d)

None of the above

57.

Starbucks decided to start selling pumpkin spice lattes again. Because of this, the ​ (a)   and the ​ (b)   .

Choose from the below words
supply goes down
price goes up
supply goes up
demand goes down
demand goes up
price goes down
58.

The people in a town love donuts. They have a Krispy Kreme already, but they just built a Dunkin' Donuts. Because of this, the ​ (a)   and the ​ (b)   .

Choose from the below words
supply goes down
price goes up
supply goes up
demand goes down
demand goes up
price goes down
59.

Match each label to the correct part of the graph.

a)

Equilibrium

b)

Demand

c)Title of Graph
d)

Price

e)

Quantity

f)

Supply

1
2
3
4
5
6
1)
2)
3)
4)
5)
6)
60.

Label the Supply line, the Demand line and equilibrium.

a)

Supply

b)

Demand

c)

Equilibrium

1
2
3
1)
2)
3)
61.

Label the curve correctly

a)

Price

b)

Quantity

c)

Demand

d)supply
1
2
3
1)
2)
3)

Similar Resources on Wayground

Personal Unit 5

61 questions

Personal Unit 5

quiz

Worksheet

•

9th - 12th Grade