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Total questions: 20
Worksheet time: 10mins
Which of the following would most likely cause a rightward shift in the demand curve for electric cars?
A decrease in the price of electric cars
An increase in the price of gasoline
A decrease in consumer income
An increase in the price of electric cars
Which of these best describes the law of demand?
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
Identify which determinant of demand (Shifter) is involved: Kohl's Black Friday sales are approaching.
Population
Complementary goods
Consumer expectations
Consumer tastes or preferences
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
Population
Price of Substitute Good
Price of Complementary Good
Consumer Preferences/Tastes
When the price of a product increases, a consumer is able to buy less of it. Which effect does this describe?
Cost Effect
Inflationary Effect
Income Effect
Substitution Effect
Which of the following is an example of substitute goods?
Printers and ink cartridges
Bread and butter
Tea and coffee
Peanut butter and jelly
When consumers react to an increase in a good's price by consuming less of that good and more of other goods.
Cost Effect
Income Effect
Substitution Effect
Inflationary Effect
If the price of gas goes up and total revenue goes up, what does that say about the elasticity of gas?
Gas is Elastic
Gas is Inelastic
Gas is Unitary Elastic
Which concept of demand does the graph represent?
Change in Price
Change in Demand (Shift)
Decrease in Demand
Change in Quantity Demand (Slide)
Which of the following would most likely cause a decrease in the demand for traditional newspapers?
An increase in the population of a city
A decrease in the price of newspapers
A rise in the popularity of online news sources
An increase in the price of newspapers
Which of the following best illustrates the concept of complementary goods?
Milk and orange juice
Tea and coffee
Smartphones and phone cases
Bread and rice
The price of coffee increases and people switch to drinking tea. The determinant of demand is
Income
Price of Related Goods (Complements)
Consumer Preferences/Tastes
Price of Related Goods (Substitutes)
The graph represents which concept of demand
Change in Price
Decrease in Demand
Change in Quantity Demand (Slide)
Change in Demand (Shift)
Thousands of people leave a small town due to a factory closing down. Sales at the local stores drop. What causes this change?
Prices or availability of substitutes
Prices or availability of complementary goods
Change in Preferences
Change in Population
What is the only factor that causes a change in quantity demanded (Slide) along a demand curve?
population
income
price
tastes and preferences
When the price of hot dogs decreases and the demand for hot dog buns increases, this explains the demand of
Complementary goods
Capital Goods
Substitute Goods
Consumer Goods
Which of the following would most likely lead to an increase in the demand for bicycles?
An increase in the price of bicycle helmets
A decrease in the population
An increase in the price of gasoline
A decrease in the price of bicycles
Consider the market for cellular phones. Which of the following shifts the demand curve to the left?
studies showing using cellular phones can cause brain cancer
a decrease in the price of cellular phones
a decrease in the quantity demanded of cellular phones
an increase in the services provided by cellular phones, such as text messaging
Goods for which demand goes down as income goes up are better known as
Inferior Goods
Normal Goods
Public Goods
Private Goods
The law of demand states that
price and quantity demanded are inversely related
the larger the number of buyers in a market, the lower will be product price
price and quantity demanded are directly related
consumers will buy more of a product at high prices than at low prices
