Welcome to your Grade 9 Economics chapter 4
After carefully reading the following 30 questions, choose the correct answer.
1.
What term describes the amount of a commodity that a consumer is willing and able to purchase at a particular price during a specific period?
2.
According to the law of demand, what happens to the quantity demanded when the price of a commodity falls, other things remaining constant?
3.
Which of the following is a tabular presentation showing the different quantities of a commodity demanded at different prices?
4.
What is the typical slope of a demand curve?
5.
In the demand function Qd = f(P), what does "P" represent?
6.
How is market demand derived from individual household demands?
7.
What term describes the amount of a commodity that a seller is willing and able to offer for sale at a given price per unit of time?
8.
What type of relationship exists between price and quantity supplied according to the law of supply?
9.
What happens to the quantity supplied of a commodity when its price increases, ceteris paribus?
10.
A supply curve usually slopes in which direction?
11.
What is the point called where the quantity demanded of a commodity equals the quantity supplied?
12.
What is the price called at the point where the demand and supply curves intersect?
13.
What occurs in the market when the quantity demanded exceeds the quantity supplied?
14.
What happens to the market price if there is an excess supply (surplus) of a commodity?
15.
Which term refers to the quantity of a good bought and sold at the equilibrium price?
16.
If a consumer is willing to buy 5kg of oranges at 5 Birr but 13kg at 1 Birr, this behavior illustrates:
17.
In a market, the "opposite forces" that are balanced at equilibrium are:
18.
What does "ceteris paribus" mean in the context of demand and supply laws?
19.
Which of the following is NOT held constant in the law of demand?
20.
An increase in market demand, other things constant, will lead to:
21.
When the market is in equilibrium, what is the state of "excess demand"?
22.
What is the mathematical representation of the relationship between price and quantity demanded called?
23.
According to the law of supply, if the price of oranges falls from 20 Birr to 10 Birr, the quantity supplied will:
24.
A market demand curve is the _____ of individual demand curves.
25.
If the price is above the equilibrium price, there will be:
26.
If the quantity supplied is 100 units and quantity demanded is 100 units at a price of 25 Birr, then 25 Birr is the:
27.
Which curve represents a direct relationship between price and quantity?
28.
What happens to the market equilibrium if demand and supply patterns change over time?
29.
At which price level do consumers' willingness to purchase match suppliers' willingness to supply?
30.
Which of the following is an example of an individual seller's supply schedule entry?
