This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Demand > Demand – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 10 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A change in demand results from a A) Change in price. B) Movement along the curve. C) Decrease in price. D) Change in non-price factors. Show Answer Correct Answer: D) Change in non-price factors. 2. Demand for a commodity refers to: A) Need for the commodity. B) Desire for the commodity. C) Amount of the commodity demanded at a particular price and at a particular time. D) Quantity demanded of that commodity. Show Answer Correct Answer: C) Amount of the commodity demanded at a particular price and at a particular time. 3. The law of demand states there is a ..... relationship between the price and the quantity bought A) Positive. B) Inverse. C) Negative. D) Verse. Show Answer Correct Answer: B) Inverse. 4. How responsive consumers are to price changes in the marketplace. A) Law of demand. B) Unit Elastic. C) Demand Schedule. D) Elasticity of Demand. Show Answer Correct Answer: D) Elasticity of Demand. 5. Which of the following best describes the Law of Demand? A) As price goes down, demand contracts. (and vice versa). B) As price goes down, demand expands (and vice versa). C) As demand goes down, supply expands. D) As demand goes up, price becomes elastic. Show Answer Correct Answer: B) As price goes down, demand expands (and vice versa). 6. As you eat Halloween candy, over time each additional piece of candy is less satisfying, this is because of A) Diminishing marginal utility. B) Price equilibrium. C) Substitutes,. D) Complements. Show Answer Correct Answer: A) Diminishing marginal utility. 7. When the percentage change in price and quantity demanded are the same. A) Unit Elastic. B) Inelastic. C) Statistics. D) Elastic. Show Answer Correct Answer: A) Unit Elastic. 8. The way that a change in price determines whether or not consumers buy goods A) Elasticity of demand. B) Substitution effect. C) Law of demand. D) Complement. Show Answer Correct Answer: C) Law of demand. 9. The cost of one thing in terms of the alternative given up is called: A) Opportunity cost. B) Production cost. C) Physical cost. D) Real cost. Show Answer Correct Answer: A) Opportunity cost. 10. The elasticity of demand for tissues is 0.66. This means the demand for tissues is A) Elastic. B) Unit elastic. C) Inelastic. D) Really expensive. Show Answer Correct Answer: C) Inelastic. 11. If the demand curve shifts to the left, it means A) There is less of the product. B) Buyers want to buy less. C) There is more of the product. D) Sellers will produce less. Show Answer Correct Answer: B) Buyers want to buy less. 12. ..... is an increase or decrease in the amount demanded because of change in price. A) Change in quantity demanded. B) Change in income. C) Change in demand. D) Change in supply. Show Answer Correct Answer: A) Change in quantity demanded. 13. Which of the following resources would economists classify as "capital" ? A) Trees used to make paper. B) A hammer used in framing a house. C) Raw Bauxite in a South African mine. D) A worker hired to repair engines. Show Answer Correct Answer: B) A hammer used in framing a house. 14. What will happen in the car market if consumers expect higher prices in the near future? A) The demand for cars will decrease. B) The demand for cars will increase. C) The supply of cars will drop. D) The demand for cars will not change. Show Answer Correct Answer: B) The demand for cars will increase. 15. This occurs when you feel like you have less money when the price of a good rises. A) Income Effect. B) Substitution Effect. C) Demand Effect. D) Inflation Effect. Show Answer Correct Answer: A) Income Effect. 16. The amount of goods available: A) Supply. B) Demand. C) Utility. D) Equilibrium. Show Answer Correct Answer: A) Supply. 17. A state of disequilibrium happens when an imbalance exists between A) Quality supplied and quality demanded. B) Quality supplied and quantity demanded. C) Quantity supplied and quality demanded. D) Quantity supplied and quantity demanded. Show Answer Correct Answer: D) Quantity supplied and quantity demanded. 18. The law of demand states that, other things remaining the same, the higher the price of a good, the A) Smaller is the demand for the good. B) Smaller is the quantity of the good demanded. C) Larger is the quantity of the good demanded. D) Larger is the demand for the good. Show Answer Correct Answer: B) Smaller is the quantity of the good demanded. 19. An example of substitute goods would be: A) Android cellphones & Iphones. B) Camera & film. C) Bacon & eggs. D) None of above. Show Answer Correct Answer: A) Android cellphones & Iphones. 20. When the price of a good or service is high consumer demand will usually be A) Unpredictable. B) High. C) Average. D) Low. Show Answer Correct Answer: D) Low. 21. What is an Engels curve? A) Another name of demand curve. B) Curve showing both demand & supply curves. C) Curve named after Lord Engels. D) All. Show Answer Correct Answer: C) Curve named after Lord Engels. 22. Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase. A) Inelastic. B) Unitary elastic. C) Elastic. D) Hyperelastic. Show Answer Correct Answer: A) Inelastic. 23. Each new worker adds more to the total output than the last A) Marginal Product. B) Increasing Returns. C) Specialization. D) Diminishing Returns. Show Answer Correct Answer: B) Increasing Returns. 24. Google announces that they are one year out from producing self-driving cars. What happens to the market for regular cars today? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: B) Demand decreases. 25. For no apparent reason, consumers want Beanie Babies!! What happens to the overall demand for Beanie Babies. A) Increase. B) Decrease. C) Stay the same. D) None of above. Show Answer Correct Answer: A) Increase. 26. ..... affect the quantity demanded at a given time. A) Price. B) Complements. C) Your preference. D) Population. Show Answer Correct Answer: A) Price. 27. A demand that is very sensitive to change in price A) Substitute good. B) Inferior good. C) Elastic good. D) Complement good. Show Answer Correct Answer: C) Elastic good. 28. If the price of Kellogg's Corn Flakes goes up from $ 1.89 to $ 2.05 and quantity demanded changes from 250 to 210, then the price elasticity of demand would be: A) 0.47. B) 0.02. C) 250. D) 2.14. Show Answer Correct Answer: D) 2.14. 29. Products that are not necessities for which there are many substitute products are said to have this kind of demand. A) Inelastic. B) Elastic. C) Consumer. D) None of above. Show Answer Correct Answer: B) Elastic. 30. When a consumer chooses a lower-priced similar product for a more expensive product. A) Income effect. B) Substitution effect. C) Diminishing marginal utility. D) None of above. Show Answer Correct Answer: B) Substitution effect. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesDemand Quiz 1Demand Quiz 2Demand Quiz 3Demand Quiz 4Demand Quiz 5Demand Quiz 6Demand Quiz 7Demand Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books