This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Demand > Demand – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 16 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Define economics A) Branch of knowledge. B) Branch of demand. C) Branch of supply. D) None of above. Show Answer Correct Answer: A) Branch of knowledge. 2. ..... indicates how much of a product consumers are both willing and able to buy at each price during a given period, other things constant. A) Demand. B) Total revenue. C) Marginal utility. D) Substitutes. Show Answer Correct Answer: A) Demand. 3. A new KFC opens down the road. What would happen to overall demand for McDonald's? A) Increase. B) Decrease. C) Stays the same. D) None of above. Show Answer Correct Answer: B) Decrease. 4. The "quantity demanded by all consumers in a market" is known as the: A) Individual demand. B) Market demand. C) Market supply. D) Supply and demand. Show Answer Correct Answer: B) Market demand. 5. A shift to the left of a demand curve could be due to a A) Rise in the price of a complement. B) Rise in the price of a substitute. C) Fall in the price of the good. D) Fall in the quantity supplied. Show Answer Correct Answer: A) Rise in the price of a complement. 6. This is the economic system where the government controls everything. A) Market. B) Command. C) Mixed. D) Free Enterprise. Show Answer Correct Answer: B) Command. 7. When consumers have a need for a product that is urgent A) The demand curve is inelastic. B) The demand curve is elastic. C) The demand curve is complementary. D) The demand curve is unit demand. Show Answer Correct Answer: A) The demand curve is inelastic. 8. If Michael Jordan did advertisements for Steak and Shake, this would cause the ..... curve for Steak and Shake to shift ..... A) Demand right. B) Demand left. C) Supply right. D) Supply left. Show Answer Correct Answer: A) Demand right. 9. ..... are your likes and dislikes as a consumer. A) Tastes. B) Demand. C) Substitutes. D) Inferior goods. Show Answer Correct Answer: A) Tastes. 10. A method of measuring elasticity by comparing total revenue A) Total Revenue Test. B) Command. C) PPC. D) Scarcity. Show Answer Correct Answer: A) Total Revenue Test. 11. All of the costs associated with running a business in addition to the cost of the merchandise. A) Inflation. B) Business cycle. C) Price lines. D) Operating expenses. Show Answer Correct Answer: D) Operating expenses. 12. ..... are goods that are used together, so a rise in demand for one increases the demand for the other. A) Market Size. B) Substitutes. C) Complements. D) None of above. Show Answer Correct Answer: C) Complements. 13. The human factor of production is A) Capital. B) Land. C) Labor. D) All of these. Show Answer Correct Answer: C) Labor. 14. What do the different points on a demand curve represent? A) Change in consumer taste. B) Change in demand. C) Change in market size. D) Change in quantity demanded. Show Answer Correct Answer: D) Change in quantity demanded. 15. The lack of resources A) Shoulder period. B) Scarcity. C) Inflation. D) Law of supply. Show Answer Correct Answer: B) Scarcity. 16. Product X is in high demand. The price of Product X rises by 15%. The most likely result of theseevents would be an increase in A) Supplier output. B) Natural resources. C) Consumer demand. D) Government intervention. Show Answer Correct Answer: A) Supplier output. 17. Occurs when an individual, group, or business is charged a higher price than others purchasing the same product or service A) Law of supply. B) Price fixing. C) Price lines. D) Price discrimination. Show Answer Correct Answer: D) Price discrimination. 18. According to the Law of Demand, when prices fall, the demand for those products go in this direction. A) Stay the same. B) Up. C) Always go down. D) Down. Show Answer Correct Answer: B) Up. 19. Which one is the assumption of law of demand? A) Price of the commodity should not change. B) Quantity demanded should not change. C) Prices of substitutes should not change. D) Demand curve must be linear. Show Answer Correct Answer: C) Prices of substitutes should not change. 20. According to the Law of Demand, when the price of a good is lowered, demand ..... A) Decreases. B) Increases. C) Stays the same. D) Fluctuates. Show Answer Correct Answer: B) Increases. 21. Goods that consumers demand more of when their incomes rise A) Opportunity cost. B) Normal Goods. C) Marginal Benefit. D) Inferior Goods. Show Answer Correct Answer: B) Normal Goods. 22. The degree to which the quantity demanded responds to changes in price is called A) Elasticity. B) Schedule. C) Revenue. D) Utility. Show Answer Correct Answer: A) Elasticity. 23. Which type of economy is illustrated by these statements?The state sets the price of consumer goods. A factory manager meets production quotas for the month. A central planning agency determines wages for agricultural workers. A) Mixed. B) Market. C) Planned. D) Traditional. Show Answer Correct Answer: C) Planned. 24. New product+low introductory price+successful advertising=? A) Equilibrium. B) Surplus. C) Rationing. D) Shortage. Show Answer Correct Answer: D) Shortage. 25. Lucas fixes his friend's sink. He is providing a ..... A) Service. B) Trade. C) Product. D) Opportunity cost. Show Answer Correct Answer: A) Service. 26. The market demand curve shows A) The demand of an individual consumer. B) The number of markets in a specified area. C) The total number of markets. D) The total quantity demanded per period by all consumers at various prices. Show Answer Correct Answer: D) The total quantity demanded per period by all consumers at various prices. 27. The law of demand assumes ceteris paribus which means ..... A) Factors such as price remains unchanged. B) All other factors remain unchanged. C) That the only factor to change is the consumer's income. D) All of the above. Show Answer Correct Answer: B) All other factors remain unchanged. 28. Which of the following is generally true after a shift in supply or demand? A) Supply rises along with demand. B) Demand fall as prices rise. C) Equilibrium is gradually restored. D) Equilibrium price moves down the demand curve. Show Answer Correct Answer: C) Equilibrium is gradually restored. 29. Elasticity, in economic terms, is another word for A) Adaptability. B) Reconciliation. C) Responsiveness. D) Adjustment. Show Answer Correct Answer: C) Responsiveness. 30. Which of the following terms describes the primary objective of any business? A) Demand. B) Profit. C) Supply. D) Money. Show Answer Correct Answer: B) Profit. ← 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