Demand Quiz 9 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. If the price of a commodity rises by 10% and its quantity demanded falls from 40 units to 30 units, what is price elasticity of demand?

2. Most communist countries have a _____ economy.

3. Supply means that a seller is _____ and _____ to sell a good.

4. Which of the following is NOT held constant while moving along a supply curve?

5. As we use more of a product, we get less satisfaction from using each additional quantity.

6. As prices go up, _____ goes down.

7. What do various points on a demand curve represent?

8. If the price of printers goes down, what happens in the market for ink cartridges?

9. If thinking about the future price of a good influences your purchasing, this is caused by

10. Price of ground beef skyrockets. Market:Hamburger buns

11. Why does quantity supplied increase as price rises?

12. Which of the following would NOT shift the demand curve for turkey?

13. Term for the desire, ability, & willingness to buy a product.

14. Which of the following is an example of psychological pricing?

15. A change in quantity demanded is represented on the demand curve as

16. Law of demand shows relation between:

17. Goods for which demand goes down as income goes up are better known as _____

18. A good that consumers will demand more of when their incomes increase?

19. An increase in the price of XBox One will cause the demand for Playstation 4 to:

20. An individual demand curve slopes downward to the right because of the:

21. If a student is willing to trade 2 pieces of candy for 1 piece of chocolate, what is the opportunity cost for a piece of chocolate?

22. When quantity demanded changes significantly as price changes

23. Each new worker causes total output to grow but at a decreasing rate

24. An increase in quantity demanded means that:

25. The following is the direct tax among: