Demand Quiz 13 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

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

Correct Answer: A) Increase.

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

Correct Answer: D) All of the above.

3. 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?

Correct Answer: B) 2 pieces of candy.

4. When quantity demanded changes significantly as price changes

Correct Answer: A) Elastic.

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

Correct Answer: D) Decreasing Returns.

6. An increase in quantity demanded means that:

Correct Answer: C) The price of the product has decreased.

7. The following is the direct tax among:

Correct Answer: A) House tax.

8. If the price elasticity of a demand is equal to one it means it is

Correct Answer: C) Unitary elastic.

9. If the demand for a good rises when income rises and falls when income falls, that good is

Correct Answer: A) A normal good.

10. Which of the following could increase demand for a good?

Correct Answer: D) All of the above.

11. Which best represents the "law of supply" ?

Correct Answer: B) Producers make more of a good when the price is high.

12. Which is NOT one of the 3 economic questions?

Correct Answer: B) When should goods and services be produced?.

13. The demand for a good increases when the price of a substitute ..... and also increases when the price of a complement .....

Correct Answer: B) Rises; falls.

14. Point at which supply and demand come together

Correct Answer: C) Equilibrium.

15. The business cycle

Correct Answer: C) Refers to the ups and downs of the economy.

16. The change in the amount that consumers will buy because the purchasing power of their income changes

Correct Answer: B) Income Effect.

17. States that the marginal benefit of using each additional unit of a product during a given period will decline.

Correct Answer: C) Law of Diminishing Marginal Utility.

18. Degree of responsiveness of quantity demanded to change in its price is called: .....

Correct Answer: D) Price elasticity.

19. According to the ....., when the prices increase, demand will decrease.

Correct Answer: C) Law of Demand.

20. Demand can be defined as the quantity of a product that consumers are able and willing to purchase

Correct Answer: D) All of the above.