This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Demand > Demand – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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? A) 1 piece of candy. B) 2 pieces of candy. C) 1 piece of chocolate. D) 2 pieces of chocolate. Show Answer Correct Answer: B) 2 pieces of candy. 2. When quantity demanded changes significantly as price changes A) Scarcity. B) Elastic. C) Economic Models. D) Inelastic. Show Answer Correct Answer: B) Elastic. 3. Each new worker causes total output to grow but at a decreasing rate A) Specialization. B) Marginal Product. C) Increasing Returns. D) Decreasing Returns. Show Answer Correct Answer: D) Decreasing Returns. 4. An increase in quantity demanded means that: A) Consumers expect the price to decrease in the near future. B) The demand curve has shifted to the right. C) The price of the product has decreased. D) None of above. Show Answer Correct Answer: C) The price of the product has decreased. 5. The following is the direct tax among: A) Value Added tax. B) Entertainment tax. C) House tax. D) Service tax. Show Answer Correct Answer: C) House tax. 6. If the price elasticity of a demand is equal to one it means it is A) Inelastic. B) Elastic. C) A roomba. D) Unitary elastic. Show Answer Correct Answer: D) Unitary elastic. 7. If the demand for a good rises when income rises and falls when income falls, that good is A) A substitute good. B) A complementary good. C) A normal good. D) An inferior good. Show Answer Correct Answer: C) A normal good. 8. Which of the following could increase demand for a good? A) Higher birthrate. B) Increased immigration. C) Higher prices in the future. D) All of the above. Show Answer Correct Answer: D) All of the above. 9. Which best represents the "law of supply" ? A) Consumers want more of a good when the price is low. B) The amount of goods available. C) Producers make more of a good when the price is high. D) Producers make more of a good when the price is low. Show Answer Correct Answer: C) Producers make more of a good when the price is high. 10. Which is NOT one of the 3 economic questions? A) How should goods and services be produced?. B) When should goods and services be produced?. C) What goods and services should be produced?. D) Who consumes these goods and services?. Show Answer Correct Answer: B) When should goods and services be produced?. 11. The demand for a good increases when the price of a substitute ..... and also increases when the price of a complement ..... A) Falls; falls. B) Rises; falls. C) Rises; rises. D) Falls; rises. Show Answer Correct Answer: B) Rises; falls. 12. Point at which supply and demand come together A) Price ceiling. B) Excess demand. C) Equilibrium. D) Disequilibrium. Show Answer Correct Answer: C) Equilibrium. 13. The business cycle A) Does not greatly affect sports and entertainment businesses. B) Is a well-defined, predictable pattern in the U.S. economy. C) Refers to the ups and downs of the economy. D) All of the above. Show Answer Correct Answer: C) Refers to the ups and downs of the economy. 14. The change in the amount that consumers will buy because the purchasing power of their income changes A) Incentives. B) Income Effect. C) Economize. D) Substitution Effect. Show Answer Correct Answer: B) Income Effect. 15. States that the marginal benefit of using each additional unit of a product during a given period will decline. A) Utility. B) Inspiration. C) Law of Diminishing Marginal Utility. D) Income Effect. Show Answer Correct Answer: C) Law of Diminishing Marginal Utility. 16. Degree of responsiveness of quantity demanded to change in its price is called: ..... A) Market elasticity. B) Price elasticity. C) Cross elasticity. D) Income elasticity. Show Answer Correct Answer: B) Price elasticity. 17. According to the ....., when the prices increase, demand will decrease. A) Law of Supply. B) Inelastic Demand. C) Law of Demand. D) Elastic Demand. Show Answer Correct Answer: C) Law of Demand. 18. Demand can be defined as the quantity of a product that consumers are able and willing to purchase A) At a particular price. B) During a specified period of time provided. C) Other things remain constant. D) All of the above. Show Answer Correct Answer: D) All of the above. 19. Irrespective of price, Sofia always spends Rs. 100 a week on ice cream, we conclude that: A) Elasticity of demand is 0. B) Elasticity of demand is 1. C) Elasticity of demand is infinite. D) The law of demand has been violated. Show Answer Correct Answer: B) Elasticity of demand is 1. 20. A demand curve is created from a ..... A) Demand curve. B) Law of demand. C) Downward sloping line. D) Demand schedule. Show Answer Correct Answer: D) Demand schedule. 21. Someone who makes a product to sell is a ..... A) Trader. B) Human resource. C) Producer. D) Consumer. Show Answer Correct Answer: C) Producer. 22. Consumers used to love Outback, now they love Longhorn. Demand for Longhorn would ..... and the demand curve would shift ..... A) Decrease, left. B) Increase, right. C) Increase, left. D) Decrease, right. Show Answer Correct Answer: B) Increase, right. 23. Which factor does NOT create a shift in the demand curve A) Price. B) Market size. C) Consumer tastes and preferences. D) Related goods. Show Answer Correct Answer: A) Price. 24. Which is NOT a factor that affects Elasticity? A) Income. B) Change Over Time. C) Relative Importance. D) Availability of Goods. Show Answer Correct Answer: A) Income. 25. Which of the following will cause an increase in demand for Iphones? A) Decrease in the price. B) Decrease in consumer income. C) Increase in consumer income. D) None of above. Show Answer Correct Answer: C) Increase in consumer income. 26. A decrease in the price of tylenol is likely to be paired with a(n) ..... in the demand for Aspirin because the two goods are ..... A) Decrease; substitutes. B) Increase; substitutes. C) Increase; complements. D) Decrease; complements. Show Answer Correct Answer: A) Decrease; substitutes. 27. If the price of pizza rises, then you will buy other things like sandwiches or salads. This is an example of the ..... effect. A) Elastic. B) Complement. C) Inelastic. D) Substitute. Show Answer Correct Answer: D) Substitute. 28. Pattern of behavior that occurs when consumers react to change in the price of a good or service by buying a substitute product. A) Economize. B) Income Effect. C) Utility. D) Substitute Effect. Show Answer Correct Answer: D) Substitute Effect. 29. How many goods are in production possibilities A) 2. B) 4. C) 1. D) None of above. Show Answer Correct Answer: A) 2. 30. The change in quantity demanded because of the change in a relative price of the product. A) Diminishing marginal utility. B) Substitution effect. C) Price equilibrium. D) Income effect. Show Answer Correct Answer: B) Substitution effect. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesDemand Quiz 1Demand Quiz 2Demand Quiz 3Demand Quiz 4Demand Quiz 5Demand Quiz 6Demand Quiz 7Demand Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books