PODAR INTERNATIONAL SCHOOL

Grade 8
Subject: - Economics

Topic: - Chapter 7: - Demand

1. What is measured on the vertical axis of a demand diagram?

A. Cost
B. Price
C. Quantity demanded
D. Wants

2. What happens to people’s willingness and ability to buy a product when its price
falls?

3. An increase in demand is represented by:

A. A movement down the demand curve
B. A movement up the demand curve
C. A shift to the left of the demand curve
D. A shift to the right of the demand curve

4. The price of a product rises. What will happen to the demand for its complement?
A. It will contract
B. It will extend
C. It will decrease
D. It will increase
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13.
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Demand MCQ Ans :-

Q:1 B Q:8 B
Q:2 A Q:9 C
Q:3 D Q:10 B
Q:4 C Q:11 A
Q:5 B Q:12 C
Q:6 A Q:13 D
Q:7 A Q:14 B
Topic: - Chapter 8:- Supply

1. What is the relationship between demand and price and the relationship between
supply and price?

2. What does a market supply curve show?

A. The proportion of total output produced by different firms in the industry
B. Proportion of total output sold
C. The relationship between the total quantity supplied and demand for the product
D. The relationship between the total quantity supplied and the price of the product

3. How would an increase in supply be illustrated?

A. A movement up the supply curve
B. A movement down the supply curve
C. A shift to the left of the supply curve
D. A shift to the right of the supply curve

4. What would cause an increase in the supply of milk?

A. An increase in the price of cattle feed
B. An increase in wages paid to farm workers
C. The introduction of a subsidy to cattle farmers
D. The outbreak of a disease affecting cow

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11.

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Supply MCQ Answers

Q:1 C Q:7 C
Q:2 D Q:8 A
Q:3 D Q:9 D
Q:4 C Q:10 D
Q:5 C Q:11 D
Q:6 A Q:12 B