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Demand Quiz 15 (30 MCQs)

Quiz Instructions

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1. For the law of demand, as price rises, what happens to quantity demanded?
2. As money income increases, what happens to the demand for inferior goods?
3. Buying only one instead of two sodas at lunch time describes what concept?
4. ..... are goods and services that can be used in place of each other.
5. The downside of the business cycle, when the economy slows down and unemployment goes up, is called
6. Two goods that are bought and used together are called .....
7. If there is movement on a demand curve, we call the resulting change in quantity consumers buy
8. Goods that people can easily do without have:
9. Suppose a product's elasticity of demand is 1.7. How responsive is the quantity demanded to a change in price?
10. When CDs became popular, people stopped listening to tape cassettes. This caused the ..... curve for tape cassettes to shift .....
11. The amount of satisfaction an individual receives from consuming a product.
12. Utility is being
13. A graphic representation of the quantities of a good that will be bought at each price
14. If quantity demanded is completely unresponsive to changes in price, demand is:
15. A shift of the demand curve represents
16. Coke raises their prices. What will happen to Pepsi?
17. Costs that vary as the level of production out changes
18. The money we pay to buy a good or service
19. What would happen to quantity demanded for Macaroni and Cheese if the price were to go up $ 1 per box?
20. How will the demand curve for iPhone accessories change if the demand for iPhones increases?
21. PART ONE:If a disease were to damage the plants that produce cocoa in Ghana what would happen to the world supply of cocoa?
22. The demand curve slopes ..... because of prices and diminishing marginal utility, common sense, and because of the substitution and income effect.
23. Printers and ink cartridges are typically purchased together. Economists would call these
24. The extent to which a change in price causes a change in the quantity demanded.
25. If buyers expect the price for products to decrease in one week, the demand for the products will ..... and the demand curve will shift to the .....
26. A graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price
27. Which of the following could be a substitute for a soft drink?
28. The point at which supply and demand are equal for a product is known as
29. Advertising a product for a great price and then not having it available for consumers to purchase is part of which practice?
30. Which of the following is NOT a shifter for Demand?
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