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Demand Quiz 4 (30 MCQs)

Quiz Instructions

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1. What would NOT cause a change (shift) in the demand curve for Product A?
2. This occurs when consumers replace an alternative less expensive product for one that has become more expensive.
3. If demand is unitary elastic, a 25% increases in price will result in:
4. Term for products that increase the use of other products
5. The only thing that causes movement along a supply or demand curve:
6. If consumers buy less of a good when income goes up, it is a(an)
7. How will an increase in the price of airfares affect the demand for bus transportation.
8. A good that replaces another demanded good
9. According to the law of supply, when prices decrease
10. What might serve as an incentive for a business to begin to supply a certain good?
11. The desire, ability, and willingness to buy a product is know as .....
12. An increase in the price of cameras results in a decrease in the demand for film. The two products are
13. If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:
14. A ..... ..... keeps prices form going any higher and causes a .....
15. An increase in demand can result from:
16. The price of RICE (assume the elasticity is less than 1) has increased by 10%. What is the likely percentage change in quantity demanded?
17. When the price of something increases, the quantity demanded ..... ?
18. An increase in the price of Coca-Cola will cause the demand for Pepsi to:
19. A good that is always used with another good
20. The law of demand states that the quantity of a good or service demanded by consumers varies:
21. If the cost of inputs increases
22. A change in one of the non price factors of demand will cause .....
23. Which demand shifter is being referred to if the salary or income dictates the change in demand?
24. According to the Total Revenue Test for elastic demand, as prices go ....., total revenue goes .....
25. A PSA is broadcast repeatedly on TV to inform consumers that eggs lower your cholesterol. What happens to the market for eggs?
26. If the price of a product decreases and the quantity demanded increases what kind of demand is this?
27. If there is a surplus, what will price do?
28. What is the effect of import restrictions on prices?
29. What effect will occur by increasing the price of a good?
30. This is the economic system where ideas are passed down from generation to generation and economic decisions are made the way they have always been made.
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