Types of Demand And Supply (With Curves) - SS2 Economics Past Questions & Answers - page 1

1

Which type of demand refers to the effect that changes in the price of one product have on the demand for another related product?

A

 Price demand

B

Income demand

 

C

Cross demand

D

Seasonal demand

CORRECT OPTION: c
2

Which type of supply refers to the amount of resources that are available to produce a product?

A

Price supply

B

Technological supply

C

Resource supply

D

Seasonal supply 

 

CORRECT OPTION: c
3

Which type of demand is represented graphically by a downward sloping curve?

A

Price demand

B

Income demand

 

C

Cross demand

D

Seasonal demand

CORRECT OPTION: a
4

Which type of supply is represented graphically by a vertical line?

A

 Price supply

B

Technological supply

C

Resource supply

D

Seasonal supply

 

CORRECT OPTION: b
5

Which type of demand is represented graphically by a positively sloping curve?

A

Price demand

B

Income demand

C

Cross demand

D

Seasonal demand

CORRECT OPTION: b
6

Define Seasonal demand and give one relevant example

Seasonal demand refers to the effect that changes in the seasons or weather have on the demand for a product or service. It is shown graphically by the seasonal demand curve, which is a curve that represents the relationship between the time of year and the quantity demanded of a product or service. For example, demand for air conditioners and ice cream is high during the summer, while demand for winter jackets and hot cocoa is high during the winter.

7

Define Resource supply and give one relevant example.

Resource supply refers to the amount of resources, such as labour, raw materials, and energy, that are available to produce a product. It is represented graphically by the resource supply curve, which is a curve that represents the relationship between the quantity of resources used in production and the quantity supplied. Examples of products with resource supply include food, clothing, and construction materials.

 

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