This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 23 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The money we pay to buy a good or service A) Good. B) Service. C) Price. D) None of above. Show Answer Correct Answer: C) Price. 2. What would happen to quantity demanded for Macaroni and Cheese if the price were to go up $ 1 per box? A) QD would go down. B) QD would go up. C) Demand will go up. D) Demand will go down. Show Answer Correct Answer: A) QD would go down. 3. How will the demand curve for iPhone accessories change if the demand for iPhones increases? A) Shift up and to the right. B) Shift down and to the left. C) It will not change. D) None of above. Show Answer Correct Answer: A) Shift up and to the right. 4. PART ONE:If a disease were to damage the plants that produce cocoa in Ghana what would happen to the world supply of cocoa? A) The world supply of cocoa would increase. B) The world supply of cocoa would decrease. C) The world supply of cocoa would stay the same. D) None of above. Show Answer Correct Answer: B) The world supply of cocoa would decrease. 5. The demand curve slopes ..... because of prices and diminishing marginal utility, common sense, and because of the substitution and income effect. A) Upward. B) Downward. C) Sideways. D) Vertical. Show Answer Correct Answer: B) Downward. 6. Printers and ink cartridges are typically purchased together. Economists would call these A) Stubstitues. B) Complements. C) Elastic. D) Inelastic. Show Answer Correct Answer: B) Complements. 7. The extent to which a change in price causes a change in the quantity demanded. A) Demand elasticity. B) Supply elasticity. C) Needs. D) Wants. Show Answer Correct Answer: A) Demand elasticity. 8. If buyers expect the price for products to decrease in one week, the demand for the products will ..... and the demand curve will shift to the ..... A) Increase, right. B) Decrease, left. C) Increase, left. D) Decrease, right. Show Answer Correct Answer: B) Decrease, left. 9. A graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price A) Demand Curve. B) Supply Curve. C) Market Supply Curve. D) Democracy. Show Answer Correct Answer: B) Supply Curve. 10. Which of the following could be a substitute for a soft drink? A) Bread. B) Water. C) Shirt. D) None of above. Show Answer Correct Answer: B) Water. 11. The point at which supply and demand are equal for a product is known as A) The demand curve. B) The supply curve. C) The market price. D) Supply and demand are never equal. Show Answer Correct Answer: C) The market price. 12. Advertising a product for a great price and then not having it available for consumers to purchase is part of which practice? A) Price fixing. B) None of the above. C) Bait & switch. D) Price discrimination. Show Answer Correct Answer: C) Bait & switch. 13. Which of the following is NOT a shifter for Demand? A) Increase in number of consumers. B) Increase in cost of inputs. C) Decrease in income. D) Change in tastes and preferences. Show Answer Correct Answer: B) Increase in cost of inputs. 14. Define economics A) Branch of knowledge. B) Branch of demand. C) Branch of supply. D) None of above. Show Answer Correct Answer: A) Branch of knowledge. 15. ..... indicates how much of a product consumers are both willing and able to buy at each price during a given period, other things constant. A) Demand. B) Total revenue. C) Marginal utility. D) Substitutes. Show Answer Correct Answer: A) Demand. 16. A new KFC opens down the road. What would happen to overall demand for McDonald's? A) Increase. B) Decrease. C) Stays the same. D) None of above. Show Answer Correct Answer: B) Decrease. 17. The "quantity demanded by all consumers in a market" is known as the: A) Individual demand. B) Market demand. C) Market supply. D) Supply and demand. Show Answer Correct Answer: B) Market demand. 18. A shift to the left of a demand curve could be due to a A) Rise in the price of a complement. B) Rise in the price of a substitute. C) Fall in the price of the good. D) Fall in the quantity supplied. Show Answer Correct Answer: A) Rise in the price of a complement. 19. This is the economic system where the government controls everything. A) Market. B) Command. C) Mixed. D) Free Enterprise. Show Answer Correct Answer: B) Command. 20. When consumers have a need for a product that is urgent A) The demand curve is inelastic. B) The demand curve is elastic. C) The demand curve is complementary. D) The demand curve is unit demand. Show Answer Correct Answer: A) The demand curve is inelastic. ← 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