Welcome to your Grade 10 Economics chapter 2
After carefully reading the following 30 questions, choose the correct answer.
1.
What refers to the amount of a good that will be purchased at a particular price during a particular period of time?
2.
According to the law of demand, what happens when the price of a good falls?
3.
What is the characteristic slope of a demand curve?
4.
Which of the following is a determinant of quantity demanded besides price?
5.
What defines the horizontal summation of individual demands for a commodity?
6.
What is the schedule or curve showing the amounts a producer is willing and able to offer for sale?
7.
According to the law of supply, price and quantity supplied have what kind of relationship?
8.
Which of the following causes a supply curve to shift?
9.
What occurs at the intersection of the supply and demand curves?
10.
What is the condition where quantity demanded exceeds quantity supplied?
11.
What happens to the market price when there is a surplus?
12.
Which elasticity measures responsiveness of quantity demanded to changes in price?
13.
What is the numerical range for the value of price elasticity of demand?
14.
If the price of coffee rises, what happens to the demand for tea (a substitute)?
15.
What kind of cross elasticity do complementary goods have?
16.
Which factor determines the price elasticity of supply by allowing producers to adjust?
17.
Generally, supply is more elastic in which time frame?
18.
What is the effect of an increase in the number of sellers on the market supply's elasticity?
19.
Income elasticity of demand for a good is 3. How is the demand categorized?
20.
If producers expect a fall in future prices, the current supply will be:
21.
What happens to the demand curve when consumer tastes improve for a product?
22.
Market equilibrium quantity is where:
23.
If factor substitution is easy, the elasticity of supply is:
24.
Which curve is derived by horizontal summation of individual demand curves?
25.
What term describes the reaction of producers to price changes?
26.
An increase in market demand and a decrease in market supply leads to:
27.
What is "Ceteris Paribus"?
28.
Cross elasticity between coffee and tea is likely to be:
29.
Demand is different from:
30.
If quantity supplied exceeds quantity demanded, there is a:
