This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Products that are not necessities for which there are many substitute products are said to have this kind of demand. A) Inelastic. B) Elastic. C) Consumer. D) None of above. Show Answer Correct Answer: B) Elastic. 2. When a consumer chooses a lower-priced similar product for a more expensive product. A) Income effect. B) Substitution effect. C) Diminishing marginal utility. D) None of above. Show Answer Correct Answer: B) Substitution effect. 3. Which of these is not a component for demand? A) Surplus. B) Willingness or desire. C) Ability. D) Given time period. Show Answer Correct Answer: A) Surplus. 4. Type of economics study to determine how individual economic decisions are made. A) Macroeconomics. B) Microeconomics. C) Bank statement. D) TPS Reports. Show Answer Correct Answer: B) Microeconomics. 5. Pottery Barn runs a sale. What happens to the market for stuff from Crate & Barrel? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: B) Demand decreases. 6. Buying one ice-cream instead of two at lunch describes what concept A) Marginal utility. B) Diminishing marginal utility. C) Demand. D) Consumerism. Show Answer Correct Answer: B) Diminishing marginal utility. 7. For most products and services, increased price results in A) Demand for fewer products. B) Demand for more products. C) Reduced demand for substitutes. D) Increased demand for complements. Show Answer Correct Answer: A) Demand for fewer products. 8. Iphones become more expensive. What will happen to Iphone covers? A) Increase Demand. B) Increase Supply. C) Decrease Demand. D) Decrease Supply. Show Answer Correct Answer: C) Decrease Demand. 9. A change in quantity demanded is shown A) At various points on the demand curve. B) With a new demand curve drawn above or below the original demand curve. C) With a vertical line. D) None of above. Show Answer Correct Answer: A) At various points on the demand curve. 10. Giving a haircut A) Example of scarcity. B) Example of a service. C) Example of a good. D) Example of a consumer. Show Answer Correct Answer: B) Example of a service. 11. Any price where the demand and supply are not equal is referred to as? A) Surplus. B) Market equilibirum. C) Market disequilibrium. D) None of the above. Show Answer Correct Answer: C) Market disequilibrium. 12. Lists how much of a good or service all producers in a market are willing and able to offer for sale at each price. A) Law of Demand. B) Law of Supply. C) Free market. D) Market Supply Schedule. Show Answer Correct Answer: D) Market Supply Schedule. 13. In this type of economy, people and firms act in their own best interests. A) Command economy. B) Market economy. C) Mixed economy. D) Fascist economy. Show Answer Correct Answer: B) Market economy. 14. Which of the following is a substitute good for a PlayStation? A) Batteries. B) Xbox. C) Grand Theft Auto. D) Controllers. Show Answer Correct Answer: B) Xbox. 15. Define wants A) Something you wish to have. B) Something you need. C) Neither. D) None of above. Show Answer Correct Answer: A) Something you wish to have. 16. A strategy whereby the price of a product is reduced below the store's cost to create more customer traffic. A) Bait and switch. B) Price fixing. C) Loss-leader pricing. D) Price lines. Show Answer Correct Answer: C) Loss-leader pricing. 17. A graph showing the quantity demanded A) Demand curve. B) Marginal utility. C) Demand. D) None of above. Show Answer Correct Answer: A) Demand curve. 18. You are shopping at Journey's for a new pair of shoes and the salesperson lets it slip that there will be a sale beginning next week. What will happen to your demand for the shoes? A) Increase. B) Decrease. C) Stay the same. D) None of above. Show Answer Correct Answer: B) Decrease. 19. When is the price elasticity of demand for a good likely to be high? A) When expenditure on the good is a small part of total expenditure. B) When the good has few uses. C) When the good is habit-forming. D) When there are many substitutes for the good. Show Answer Correct Answer: D) When there are many substitutes for the good. 20. Which of the following is not a characteristic of demand? A) Willingness. B) Desire. C) Surplus. D) Ability. Show Answer Correct Answer: C) Surplus. ← 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