Demand Quiz 15 (25 MCQs)

Quiz Instructions:

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1. The quantity demanded is the _____ of goods and services purchased at a given price

2. The supply of a good refers to:

3. Related goods like shoelaces and shoes or cell phones and earbuds is

4. What is the income effect?

5. Define supply curve

6. When a consumer is able and willing to buy a good or service, he/she creates what?

7. Occurs when prices for goods and services rise faster than consumer income

8. All of the following are determinants of demand except _____

9. A tornado passes through Indianapolis, destroying many people's houses. What happens to the market for steak from St. Elmo's?

10. Distinct categories of merchandise based on price, quality, and features

11. It's winter. What happens to the market for trips to Disneyland?

12. How would a decline in the price of cellular service affect the demand for cell phones?

13. Which of the following would cause the demand curve for Product A to shift to the left?

14. When prices go up

15. Consumers expect gasoline prices will rise, what will happen to the demand for gas?

16. What would not cause a change (shift) in the demand curve?

17. An increase in Consumer income will cause the demand for Spam (inferior good) to:

18. For diabetics, insulin has inelastic demand because

19. Demand for a product is said to be _____ when a change in price causes very little change in quantity demanded.

20. When consumers make more or less money, this changes demand because of

21. A change in price, other things constant, causes a _____ a demand curve.

22. Which would an economist consider a likely substitute for roller-skates?

23. Going to the Dallas Farmers Market to buy apples, you will find this type of market structure.

24. Which of the following will cause a decrease in quantity demanded for Ford trucks?

25. How would a decline in income affect the demand for air travel?