Econ 101 SI Worksheet
09/23/2013
1. Through international trade based on ____________________, all nations can achieve greater
total ____________________ of goods and services, and therefore higher living standards, than
is possible without trade.
2. International trade makes each country, as a whole, better off. But not everyone
____________________, because cheap imports from abroad—While ____________________
to domestic consumers, are ____________________ to domestic producers.
3. The ____________________ of a good or service is the number of units that all buyers in a
market would choose to buy over a given time period, given the constraints they face.
4. The ____________________ states that when the price of a good rises and everything else
remains the same, the quantity of the good demanded will fall.
5. A list showing the quantities of a good that consumers would choose to purchase at different
prices, with all other variables held constant is known as a ____________________.
6. A change in the ____________________ of a good causes a movement along the demand curve.
This is known as a change in ____________________.
7. A change in any variable that affects demand—except for the good’s price—causes the demand
curve to ____________________. This is known as a change in ____________________.
8. A rise in income will increase the demand for a ____________________, and decrease the
demand for a ____________________.
9. A good that can be used in place of some other good and that fulfills more or less the same
purpose is known as a ____________________.
10. A good that is used together with some other good is known as a ____________________.
11. Consider this demand schedule and draw the accompanying demand curve:
Demand Schedule for Maple Syrup in the US
Price (per bottle)
Quantity Demanded (bottles per month)
$1.00
75,000
$2.00
60,000
$3.00
50,000
$4.00
40,000
$5.00
35,000
The demand curve is a graphical representation of what? Why?
12. Discuss, and illustrate with a graph, how each of the following events, ceteris paribus, will affect
the demand curve for maple syrup:
a. Income or wealth increases
b. The price of jam decreases
c. The price of pancake mix decreases
d. The price of maple syrup increases
e. There is a large population boom
f.
The price of maple syrup is expected to skyrocket
g. People no longer enjoy the taste of maple syrup
h. The price of maple syrup decreases