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Demand Quiz 21 (30 MCQs)

Quiz Instructions

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1. Which is NOT a problem of a planned economy?
2. Which is an example of complementary goods?
3. Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
4. Goods that are typically consumed together are known as
5. The cost of flour increases due to a drought in the Midwest. It now costs more to create baked goods. Why does this change the supply?
6. A complement product to peanut butter is .....
7. Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers
8. Goods that are used together.
9. When a customer's need for a product is not urgent, demand tends to be
10. The number one goal of a business is:
11. A nail salon increases the price it charges for manicures and less clients come. How does this affect demand?
12. A shift in the demand curve means .....
13. A listing of how much of an item an individual is willing to purchase at each price.
14. The desire and ability to produce and sell a product
15. This describes the various amounts of products that someone is willing to buy at various prices.
16. Kylie Jenner tweets, "sooo does anyone else not open Snapchat anymore? Or is it just me ..... ugh this is so sad." What happens to the market for stock in Snapchat?
17. A ..... graphically shows the data from a demand schedule. In other words, its a graph that shows how much of a good or service an individual will buy at each price.
18. High levels of mercury found in canned tuna. Market:canned tuna
19. If the demand function is Qd = 30-2P, what is Qd if P=4?
20. All of the following are examples of complements EXCEPT
21. Computer printers and ink cartridges are complements. Therefore, the elasticity of demand for ink cartridges, with respect to the price of printers, is
22. When demand is perfectly inelastic, an increase in price will result in:
23. Who reinvented the way brides buy dresses by focusing on meeting the demand of a new style of dress
24. The amount of money a company receives by selling goods or services
25. The change in consumption that results from increased purchasing power of your income is the
26. Price affects .....
27. If farmers stopped growing potatoes because it was too hard, this would cause the ..... curve for Grippo's to shift .....
28. According to the law of demand
29. When summer comes, people begin purchasing bathing suits in large numbers. What causes this change?
30. When quantity supplied exceeds quantity demanded.
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