Practice A. Demand And Supply Curves (1.1) - Key Skills for MYP Economics

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9 questions

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6 sample questions

Question 1.
What does a demand curve represent?
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Think about how consumers react to changes in price.
Question 2.
What shape does a supply curve typically have?
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Remember how prices affect production decisions.
3Question 3.
What does a downward sloping demand curve indicate?
- Prices increase as demand increases
- Prices decrease as demand increases
- Demand does not change with price
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Think about how sales affect what people buy.
4Question 4.
True or False: A surplus occurs when demand is greater than supply.
- True
- False
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Remember the definitions of surplus and shortage.
Question 5.
Evaluate the effects of a sudden increase in consumer preferences for electric cars on the demand curve. What could be the resulting equilibrium change?
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Think about how preferences impact buying behavior.
Question 6.
Analyze how a new tax on sugary drinks might affect the supply curve for these products.
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Consider how costs affect supply decisions.

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