Download Supply and Demand Test Review

SUPPLY AND DEMAND TEST REVIEW
Name: ____________________________
A: Answer ALL of the following questions on a separate sheet of paper. Bring your
completed test review with you on test day to turn in for a grade.
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What is demand?
What is supply?
What is the law of demand?
What is the law of supply?
What is demand elasticity?
What causes goods to have elastic demand?
What causes goods to have inelastic demand?
What is supply elasticity?
What causes goods to have elastic supply?
What causes goods to have inelastic supply?
What is diminishing marginal utility?
What is an inferior good? Give an example.
What causes a change in quantity demanded or a change in quantity supplied?
How are changes in quantity demanded or supplied represented on a graph/curve?
What causes a change in demand?
How is a change in demand represented on a graph?
How do each of the following determinants of demand cause a change in demand?
a. Complimentary goods—
b. Substitute goods—
c. Income—
d. Consumer taste and preference—
e. Consumer expectations—
18. What causes a change in supply?
19. How is a change in supply represented on a graph?
20. How do each of the following determinants of supply cause a change in supply
a. Cost of resources/production-b. Taxes, subsidies and government regulation—
c. Substitute goods—
d. Future expectations—
e. Competition or number of sellers—
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What is equilibrium price and quantity?
How is equilibrium price and quantity represented on a graph?
What causes a shortage?
How do you determine a shortage on a graph?
What causes a surplus?
How do you determine a surplus on a graph?
What is a price ceiling?
What is a price floor?
What is rationing?
What is a black market?
What is a minimum wage?
What is an inferior good?
What is profit?
You will need one sheet of graph paper for the test next class. You should be able to
graph both a demand curve and a supply curve properly. You should also be able to
identify both the equilibrium price and quantity from the graph. Study both the
Demand graph and the Supply and Demand graph worksheets
SUPPLY AND DEMAND TEST REVIEW
Name: ____________________________
B: Tell whether each is a change in quantity demanded or a change in demand and which
graph shows that change. (Write Chang in Demand or Change in Quantity Demanded and
put the graph #--either 1, 2, 3 or 4) (2 points each).
33. The price of pizza goes from $5.00 to $8.00. Therefore fewer pizza is are sold.
34. The price of jelly goes up. Therefore less peanut butter is sold.
35. Walmart has a sale on Halloween costumes. More costumes are sold than ever before.
36. The price of Coke goes up. Therefore more Pepsi is sold.
37. Lebron James signs a $20 million dollar deal with Under Armor to endorse their shoes. Sales for
Nike shoes increase by 20%.
#1
#2
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$
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B
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0
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B
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B
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