This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The cost of one thing in terms of the alternative given up is called: A) Real cost. B) Production cost. C) Physical cost. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 2. The elasticity of demand for tissues is 0.66. This means the demand for tissues is A) Elastic. B) Unit elastic. C) Inelastic. D) Really expensive. Show Answer Correct Answer: C) Inelastic. 3. If the demand curve shifts to the left, it means A) Sellers will produce less. B) Buyers want to buy less. C) There is less of the product. D) There is more of the product. Show Answer Correct Answer: B) Buyers want to buy less. 4. ..... is an increase or decrease in the amount demanded because of change in price. A) Change in quantity demanded. B) Change in income. C) Change in demand. D) Change in supply. Show Answer Correct Answer: A) Change in quantity demanded. 5. Which of the following resources would economists classify as "capital" ? A) Raw Bauxite in a South African mine. B) A hammer used in framing a house. C) A worker hired to repair engines. D) Trees used to make paper. Show Answer Correct Answer: B) A hammer used in framing a house. 6. What will happen in the car market if consumers expect higher prices in the near future? A) The demand for cars will decrease. B) The demand for cars will increase. C) The supply of cars will drop. D) The demand for cars will not change. Show Answer Correct Answer: B) The demand for cars will increase. 7. This occurs when you feel like you have less money when the price of a good rises. A) Income Effect. B) Substitution Effect. C) Demand Effect. D) Inflation Effect. Show Answer Correct Answer: A) Income Effect. 8. The amount of goods available: A) Supply. B) Demand. C) Utility. D) Equilibrium. Show Answer Correct Answer: A) Supply. 9. A state of disequilibrium happens when an imbalance exists between A) Quality supplied and quality demanded. B) Quality supplied and quantity demanded. C) Quantity supplied and quality demanded. D) Quantity supplied and quantity demanded. Show Answer Correct Answer: D) Quantity supplied and quantity demanded. 10. The law of demand states that, other things remaining the same, the higher the price of a good, the A) Smaller is the demand for the good. B) Smaller is the quantity of the good demanded. C) Larger is the quantity of the good demanded. D) Larger is the demand for the good. Show Answer Correct Answer: B) Smaller is the quantity of the good demanded. 11. An example of substitute goods would be: A) Android cellphones & Iphones. B) Camera & film. C) Bacon & eggs. D) None of above. Show Answer Correct Answer: A) Android cellphones & Iphones. 12. When the price of a good or service is high consumer demand will usually be A) High. B) Unpredictable. C) Low. D) Average. Show Answer Correct Answer: C) Low. 13. What is an Engels curve? A) Another name of demand curve. B) Curve showing both demand & supply curves. C) Curve named after Lord Engels. D) All. Show Answer Correct Answer: C) Curve named after Lord Engels. 14. Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase. A) Elastic. B) Unitary elastic. C) Inelastic. D) Hyperelastic. Show Answer Correct Answer: C) Inelastic. 15. Each new worker adds more to the total output than the last A) Marginal Product. B) Specialization. C) Increasing Returns. D) Diminishing Returns. Show Answer Correct Answer: C) Increasing Returns. 16. Google announces that they are one year out from producing self-driving cars. What happens to the market for regular cars today? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: B) Demand decreases. 17. For no apparent reason, consumers want Beanie Babies!! What happens to the overall demand for Beanie Babies. A) Increase. B) Decrease. C) Stay the same. D) None of above. Show Answer Correct Answer: A) Increase. 18. ..... affect the quantity demanded at a given time. A) Price. B) Your preference. C) Population. D) Complements. Show Answer Correct Answer: A) Price. 19. A demand that is very sensitive to change in price A) Inferior good. B) Substitute good. C) Complement good. D) Elastic good. Show Answer Correct Answer: D) Elastic good. 20. If the price of Kellogg's Corn Flakes goes up from $ 1.89 to $ 2.05 and quantity demanded changes from 250 to 210, then the price elasticity of demand would be: A) 0.47. B) 0.02. C) 250. D) 2.14. Show Answer Correct Answer: D) 2.14. ← PreviousNext →Related QuizzesMicroeconomics QuizzesDemand Quiz 1Demand Quiz 2Demand Quiz 3Demand Quiz 4Demand Quiz 5Demand Quiz 6Demand Quiz 7Demand Quiz 8Demand Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books