Demand Quiz 10 (25 MCQs)

Quiz Instructions:

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1. If the price elasticity of a demand is equal to one it means it is

2. If the demand for a good rises when income rises and falls when income falls, that good is

3. Which of the following could increase demand for a good?

4. Which is NOT one of the 3 economic questions?

5. The demand for a good increases when the price of a substitute _____ and also increases when the price of a complement _____

6. Point at which supply and demand come together

7. The business cycle

8. The change in the amount that consumers will buy because the purchasing power of their income changes

9. States that the marginal benefit of using each additional unit of a product during a given period will decline.

10. Degree of responsiveness of quantity demanded to change in its price is called: _____

11. According to the _____, when the prices increase, demand will decrease.

12. Demand can be defined as the quantity of a product that consumers are able and willing to purchase

13. Irrespective of price, Sofia always spends Rs. 100 a week on ice cream, we conclude that:

14. A demand curve is created from a _____

15. Consumers used to love Outback, now they love Longhorn. Demand for Longhorn would _____ and the demand curve would shift _____

16. Which factor does NOT create a shift in the demand curve

17. Which is NOT a factor that affects Elasticity?

18. Which of the following will cause an increase in demand for Iphones?

19. A decrease in the price of tylenol is likely to be paired with a(n) _____ in the demand for Aspirin because the two goods are _____

20. If the price of pizza rises, then you will buy other things like sandwiches or salads. This is an example of the _____ effect.

21. Pattern of behavior that occurs when consumers react to change in the price of a good or service by buying a substitute product.

22. How many goods are in production possibilities

23. The change in quantity demanded because of the change in a relative price of the product.

24. A change in demand results from a

25. Demand for a commodity refers to: