Global MCQ Practice

🌐 Total MCQ
Home > Economics > Microeconomics > Demand > Demand – Quiz 5
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Demand Quiz 5 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. A good that is always used with another good
2. The law of demand states that the quantity of a good or service demanded by consumers varies:
3. If the cost of inputs increases
4. A change in one of the non price factors of demand will cause _____
5. Which demand shifter is being referred to if the salary or income dictates the change in demand?
6. According to the Total Revenue Test for elastic demand, as prices go _____, total revenue goes _____
7. A PSA is broadcast repeatedly on TV to inform consumers that eggs lower your cholesterol. What happens to the market for eggs?
8. If the price of a product decreases and the quantity demanded increases what kind of demand is this?
9. If there is a surplus, what will price do?
10. What is the effect of import restrictions on prices?
11. What effect will occur by increasing the price of a good?
12. 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.
13. Which of the following parts of a consumer budget would be most price elastic?
14. How is the law of demand illustrated on a demand curve?
15. Normal goods have negative income effect
16. Lower prices leads to higher demand.
17. Demand is the desire, _____, and willingness to buy a product or service.
18. If an increase in a consumers income, decreases the demand for a product, it is a _____ good.
19. What kind of system is the United States economy based on?
20. Which of the following illustrates the economic meaning of demand?
21. What is not an example of a complement
22. If America decided to ban the import of oil from Saudi Arabia and Iran, the price of oil would:
23. The demand for a(n) _____ increases as money income increases-that is, the demand curve shifts rightward when consumer income increases.
24. You get a raise at work. What would happen to the demand for going out to eat?
25. _____ is price multiplied by the quantity demanded at the price.
← PreviousNext →

Related Quizzes

🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books