WorksheetsEconomics Unit 2 - Demand & Supply
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
1. What is a demand curve?
a)
the quantity buyers are willing and able to buy at a particular price during a particular period, all other things unchanged
b)
a table that shows the quantities of a good or service demanded at different prices
c)
data is the curve
d)
higher price leads to a reduction in quantity demanded and a lower price leads to an increase in quantity demanded
2.
2. What is the quantity demanded?
a)
the quantity buyers are willing and able to buy at a particular price during a particular period, all other things unchanged
b)
a table that shows the quantities of a good or service demanded at different prices
c)
data is the curve
d)
higher price leads to a reduction in quantity demanded and a lower price leads to an increase in quantity demanded
3.
3. What is a demand schedule?
a)
the quantity buyers are willing and able to buy at a particular price during a particular period, all other things unchanged
b)
a table that shows the quantities of a good or service demanded at different prices
c)
data is the curve
d)
higher price leads to a reduction in quantity demanded and a lower price leads to an increase in quantity demanded
4.
4. What is the law of demand?
a)
the quantity buyers are willing and able to buy at a particular price during a particular period, all other things unchanged
b)
a table that shows the quantities of a good or service demanded at different prices
c)
data is the curve
d)
higher price leads to a reduction in quantity demanded and a lower price leads to an increase in quantity demanded
5.
5. Using this figure, how many millions of pounds of coffee would be demanded at $7 per pound?
a)
10 million pounds
b)
15 million pounds
c)
20 million pounds
d)
25 million pounds
6.
6. Using this figure, what is the price per pound when 35 million pounds of coffee per month are demanded?
a)
$8 per pound
b)
$6 per pound
c)
$4 per pound
d)
$3 per pound
7.
7. Movements ___________________ the demand curve illustrate the law of demand.
a)
shift
b)
along
c)
price
8.
8. The law of demand states that quantity demanded increase as ________________________ decreases.
a)
shift
b)
along
c)
price
9.
9. A __________________ in the demand curve can result from a changes in consumer preference, income, prices of related goods, number of buyers, and beliefs about the future.
a)
shift
b)
along
c)
price
10.
10. Which one of the following defines a complementary good?
a)
goods consumed together, such as coffee and donuts
b)
goods that are usually consumed in place of each other, such as coffee and tea
c)
goods that are not necessary for day to day life
d)
goods that are necessary for day to day life
11.
11. Which one of the following defines a substitute?
a)
goods consumed together, such as coffee and donuts
b)
goods that are usually consumed in place of each other, such as coffee and tea
c)
goods that are not necessary for day to day life
d)
goods that are necessary for day to day life
12.
12. What is the quantity supplied?
a)
the table where supply data is represented
b)
the quantity sellers are willing to sell at a particular price
c)
the data on the supply schedule
d)
a variable that can change the quantity of a good or service supplied
13.
13. What is the supply schedule?
a)
the table where supply data is represented
b)
the quantity sellers are willing to sell at a particular price
c)
the data on the supply schedule
d)
a variable that can change the quantity of a good or service supplied
14.
14. What is the supply curve?
a)
the table where supply data is represented
b)
the quantity sellers are willing to sell at a particular price
c)
the data on the supply schedule
d)
a variable that can change the quantity of a good or service supplied
15.
15. What is a supply shifter?
a)
the table where supply data is represented
b)
the quantity sellers are willing to sell at a particular price
c)
the data on the supply schedule
d)
a variable that can change the quantity of a good or service supplied
16.
16. Using this figure, what is the price per pound when the quantity supplied is 35 million pounds?
a)
$8 per pound
b)
$6 per pound
c)
$4 per pound
d)
$3 per pound
17.
17. What is equilibrium price?
a)
the amount by which the quantity supplied exceeds the quantity demanded at the current price
b)
when the quantity demanded exceeds the quantity supplied
c)
when the quantity supplied exceeds the quantity demanded
d)
when the quantity demanded matches the quantity supplied
18.
18. What is equilibrium quantity?
a)
the amount by which the quantity supplied exceeds the quantity demanded at the current price
b)
when the quantity demanded exceeds the quantity supplied
c)
when the quantity supplied exceeds the quantity demanded
d)
the quantity demanded and supplied at the equilibrium price.
19.
19. What is a surplus?
a)
the amount by which the quantity supplied exceeds the quantity demanded
b)
when the quantity demanded exceeds the quantity supplied
c)
when the quantity supplied exceeds the quantity demanded
d)
the quantity demanded and supplied at the equilibrium price.
20.
20. What is a shortage?
a)
the amount by which the quantity supplied exceeds the quantity demanded at the current price
b)
when the quantity demanded exceeds the quantity supplied
c)
when the quantity supplied exceeds the quantity demanded
d)
the quantity demanded and supplied at the equilibrium price.
21.
21. Using this figure, what is the equilibrium price per pound for coffee?
a)
$9 per pound
b)
$8 per pound
c)
$6 per pound
d)
$4 per pound
22.
22. Using this figure, what is the equilibrium quantity for coffee?
a)
15 million pounds
b)
20 million pounds
c)
25 million pounds
d)
30 million pounds
23.
23. What did Amazon sell before they sold anything else?
a)
cars
b)
computers
c)
books
d)
security systems
24.
24. What program did Amazon start in 2005?
a)
Amazon Web Services
b)
Video streaming
c)
Amazon Prime membership service
d)
Ring cameras
25.
25. What device became available in 2014?
a)
Ring cameras
b)
Amazon-bot
c)
space travel
d)
Echo/Alexa
100 %
