This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Demand > Demand – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 11 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of these is not a component for demand? A) Ability. B) Willingness or desire. C) Surplus. D) Given time period. Show Answer Correct Answer: C) Surplus. 2. Type of economics study to determine how individual economic decisions are made. A) Microeconomics. B) TPS Reports. C) Bank statement. D) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 3. Pottery Barn runs a sale. What happens to the market for stuff from Crate & Barrel? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: B) Demand decreases. 4. Buying one ice-cream instead of two at lunch describes what concept A) Marginal utility. B) Diminishing marginal utility. C) Demand. D) Consumerism. Show Answer Correct Answer: B) Diminishing marginal utility. 5. For most products and services, increased price results in A) Demand for fewer products. B) Demand for more products. C) Reduced demand for substitutes. D) Increased demand for complements. Show Answer Correct Answer: A) Demand for fewer products. 6. Iphones become more expensive. What will happen to Iphone covers? A) Increase Demand. B) Increase Supply. C) Decrease Demand. D) Decrease Supply. Show Answer Correct Answer: C) Decrease Demand. 7. A change in quantity demanded is shown A) At various points on the demand curve. B) With a new demand curve drawn above or below the original demand curve. C) With a vertical line. D) None of above. Show Answer Correct Answer: A) At various points on the demand curve. 8. Giving a haircut A) Example of a good. B) Example of a service. C) Example of scarcity. D) Example of a consumer. Show Answer Correct Answer: B) Example of a service. 9. Any price where the demand and supply are not equal is referred to as? A) Surplus. B) Market equilibirum. C) Market disequilibrium. D) None of the above. Show Answer Correct Answer: C) Market disequilibrium. 10. Lists how much of a good or service all producers in a market are willing and able to offer for sale at each price. A) Law of Demand. B) Law of Supply. C) Free market. D) Market Supply Schedule. Show Answer Correct Answer: D) Market Supply Schedule. 11. In this type of economy, people and firms act in their own best interests. A) Command economy. B) Market economy. C) Mixed economy. D) Fascist economy. Show Answer Correct Answer: B) Market economy. 12. Which of the following is a substitute good for a PlayStation? A) Batteries. B) Xbox. C) Grand Theft Auto. D) Controllers. Show Answer Correct Answer: B) Xbox. 13. A strategy whereby the price of a product is reduced below the store's cost to create more customer traffic. A) Bait and switch. B) Price fixing. C) Loss-leader pricing. D) Price lines. Show Answer Correct Answer: C) Loss-leader pricing. 14. A graph showing the quantity demanded A) Demand curve. B) Marginal utility. C) Demand. D) None of above. Show Answer Correct Answer: A) Demand curve. 15. You are shopping at Journey's for a new pair of shoes and the salesperson lets it slip that there will be a sale beginning next week. What will happen to your demand for the shoes? A) Increase. B) Decrease. C) Stay the same. D) None of above. Show Answer Correct Answer: B) Decrease. 16. When is the price elasticity of demand for a good likely to be high? A) When expenditure on the good is a small part of total expenditure. B) When the good has few uses. C) When the good is habit-forming. D) When there are many substitutes for the good. Show Answer Correct Answer: D) When there are many substitutes for the good. 17. Which of the following is not a characteristic of demand? A) Desire. B) Surplus. C) Willingness. D) Ability. Show Answer Correct Answer: B) Surplus. 18. Supply is best defined as the measure of how much producers are willing and able to sell A) Above the market-clearing price. B) At any one price at a particular time. C) At different prices at a particular time. D) According to their resources and profit motives. Show Answer Correct Answer: C) At different prices at a particular time. 19. If farmers stopped growing potatoes because it was too hard, this would cause the ..... curve for Lays Potato Chips to shift ..... A) Demand right. B) Demand left. C) Supply right. D) Supply left. Show Answer Correct Answer: D) Supply left. 20. Which of the following is a good that might not be bought when prices rise? A) A luxury, like an iPhone. B) Demand. C) Supply. D) None of above. Show Answer Correct Answer: A) A luxury, like an iPhone. 21. Babysitters across the country collectively organize to demand higher wages. What happens to the market for movie tickets? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: B) Demand decreases. 22. How many factors can cause a change in demand? (know one for the test) A) 7. B) 5. C) 6. D) 4. Show Answer Correct Answer: C) 6. 23. The demand for necessities such as milk, electricity, and water is usually A) Elastic. B) Inelastic. C) Unit-elastic. D) None of above. Show Answer Correct Answer: B) Inelastic. 24. What happens when consumers react to an increase in a good's price by consuming less of that good and more of other goods? A) Complement effect. B) Law of demand. C) Substitution effect. D) Ceteris paribus. Show Answer Correct Answer: C) Substitution effect. 25. A table that shows the quantity of goods that consumers are willing and able to purchase at various prices. A) Demand curve. B) Demand elasticity. C) Demand schedule. D) None of above. Show Answer Correct Answer: C) Demand schedule. 26. If the price of a product decreases, the quantity demanded will A) Increase. B) Decrease. C) Stay the same. D) None of above. Show Answer Correct Answer: A) Increase. 27. Because a modest price increase has little or no effect, the demand for the product is A) Unit elastic. B) Inelastic. C) Complementary. D) Elastic. Show Answer Correct Answer: B) Inelastic. 28. An automobile company based out of China starts selling its cars in the United States. Why would the supply change? A) Change in cost of production. B) Changes in number of producers. C) Changes in expectations. D) None of above. Show Answer Correct Answer: B) Changes in number of producers. 29. An increase or decrease in the amount demanded because of the change in price A) Motivation of Choice. B) Change in quantity demanded. C) Inferior Goods. D) None of the above. Show Answer Correct Answer: B) Change in quantity demanded. 30. Lists quantities of goods consumers are willing and able to buy at various prices; as price goes up, demand goes down. A) Demand Schedule. B) Demand Curve. C) Elastic Demand. D) Inelastic Demand. Show Answer Correct Answer: A) Demand Schedule. ← 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