Demand Quiz 21 (25 MCQs)

Quiz Instructions:

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1. Which of the following replaces a costly item with a less costly one?

2. Which of the following is an example of a good with an inelastic demand

3. A company's income from selling its product

4. In case of an inferior good, the income elasticity of demand is:

5. Which of the following practices is restricted by law?

6. Which is TRUE about the increase of demand?

7. The amount of a good or service a consumer is willing and able to buy at various prices during a given time period.

8. The _____ effect occurs when an increase in price decreases a consumer's real income.

9. The demand for products or services for which there are no substitutes tends to be

10. A substitute is a good

11. Congress passes a law that increases taxes by 10%. What would happen to the overall demand for tickets to Fiesta Texas?

12. When the price of steak decreases, the demand for Spam:

13. A general measure of consumer responsiveness to prices, a cause and effect relationship in economics.

14. Skiers flock to a town in the Rockies in January, and restaurant business booms. What factor is affecting demand?

15. If the price for a product rises, then,

16. The surgeon general has just come out with a warning that eating skittles causes cancer. What would happen to the overall demand for skittles?

17. Determinants of demand include income, expectations, taste, and _____

18. What would cause the demand to move along the demand curve instead of shifting it right or left?

19. Hot dogs and hot dog buns are typically purchased together. Economists would call these

20. If the government set a limit on the cost of baseball bats, this action would be called

21. Price goes on _____

22. The number of potential buyers of a product.

23. The resource that includes equipment, machinery, buildings, and tools.

24. This is illustrated by movement along the demand curve

25. Extension of demand is affected by