Demand Quiz 22 (25 MCQs)

Quiz Instructions:

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1. When the price of a good or service is high consumer demand will usually be _____

2. The following are causes of shift in demand EXCEPT the one:

3. What is meant by Autarky in international trade?

4. Goods that consumers demand less of when their incomes rise.

5. All of the following will cause a shift of the demand curve for a good except

6. When consumers react to an increase in a good's price by consuming less of that good and more of other goods.

7. If the price elasticity of a demand is less than one it means it is

8. Peanut butter becomes more expensive. What happens to the market for jelly?

9. The demand curve always slopes

10. If LeBron James did advertisements for Nike shoes, this would cause the _____ curve for Nike shoes to shift _____

11. Movement between points on a demand curve is caused by a change in _____

12. Shows the data from the market supple schedule

13. Demand includes people who are willing and _____ to buy a product.

14. Demand schedules and curves show that the relationship between price and quantity demanded is.

15. Which item is NOT a factor that affects elasticity

16. As the price of a product increases, the demand for low-priced substitutes will:

17. Which of the situations best represents equilibrium?

18. When producers supply more, equilibrium price will

19. One of the reasons consumers choose substitutes is that

20. According to the law of supply, what happens as price increases?

21. A change in demand is shown

22. In the short run, when the output of a firm increases, its average fixed cost:

23. The Law of Demand States the following

24. The price of Clif Bars increases. What happens to the market for Powerbars?

25. The Heckscher-Ohlin approach to international trade provides important insights, in