This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 24 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If Michael Jordan did advertisements for Steak and Shake, this would cause the ..... curve for Steak and Shake to shift ..... A) Demand right. B) Demand left. C) Supply right. D) Supply left. Show Answer Correct Answer: A) Demand right. 2. ..... are your likes and dislikes as a consumer. A) Tastes. B) Demand. C) Substitutes. D) Inferior goods. Show Answer Correct Answer: A) Tastes. 3. A method of measuring elasticity by comparing total revenue A) Total Revenue Test. B) Command. C) PPC. D) Scarcity. Show Answer Correct Answer: A) Total Revenue Test. 4. All of the costs associated with running a business in addition to the cost of the merchandise. A) Inflation. B) Operating expenses. C) Business cycle. D) Price lines. Show Answer Correct Answer: B) Operating expenses. 5. ..... are goods that are used together, so a rise in demand for one increases the demand for the other. A) Market Size. B) Substitutes. C) Complements. D) None of above. Show Answer Correct Answer: C) Complements. 6. The human factor of production is A) Capital. B) Land. C) Labor. D) All of these. Show Answer Correct Answer: C) Labor. 7. What do the different points on a demand curve represent? A) Change in consumer taste. B) Change in demand. C) Change in market size. D) Change in quantity demanded. Show Answer Correct Answer: D) Change in quantity demanded. 8. The lack of resources A) Scarcity. B) Shoulder period. C) Inflation. D) Law of supply. Show Answer Correct Answer: A) Scarcity. 9. Product X is in high demand. The price of Product X rises by 15%. The most likely result of theseevents would be an increase in A) Supplier output. B) Natural resources. C) Consumer demand. D) Government intervention. Show Answer Correct Answer: A) Supplier output. 10. Occurs when an individual, group, or business is charged a higher price than others purchasing the same product or service A) Law of supply. B) Price fixing. C) Price discrimination. D) Price lines. Show Answer Correct Answer: C) Price discrimination. 11. According to the Law of Demand, when prices fall, the demand for those products go in this direction. A) Up. B) Down. C) Stay the same. D) Always go down. Show Answer Correct Answer: A) Up. 12. Which one is the assumption of law of demand? A) Price of the commodity should not change. B) Quantity demanded should not change. C) Prices of substitutes should not change. D) Demand curve must be linear. Show Answer Correct Answer: C) Prices of substitutes should not change. 13. According to the Law of Demand, when the price of a good is lowered, demand ..... A) Increases. B) Decreases. C) Stays the same. D) Fluctuates. Show Answer Correct Answer: A) Increases. 14. Goods that consumers demand more of when their incomes rise A) Opportunity cost. B) Inferior Goods. C) Normal Goods. D) Marginal Benefit. Show Answer Correct Answer: C) Normal Goods. 15. The degree to which the quantity demanded responds to changes in price is called A) Revenue. B) Schedule. C) Utility. D) Elasticity. Show Answer Correct Answer: D) Elasticity. 16. Which type of economy is illustrated by these statements?The state sets the price of consumer goods. A factory manager meets production quotas for the month. A central planning agency determines wages for agricultural workers. A) Market. B) Planned. C) Traditional. D) Mixed. Show Answer Correct Answer: B) Planned. 17. New product+low introductory price+successful advertising=? A) Shortage. B) Surplus. C) Rationing. D) Equilibrium. Show Answer Correct Answer: A) Shortage. 18. Lucas fixes his friend's sink. He is providing a ..... A) Trade. B) Opportunity cost. C) Product. D) Service. Show Answer Correct Answer: D) Service. 19. The market demand curve shows A) The demand of an individual consumer. B) The number of markets in a specified area. C) The total number of markets. D) The total quantity demanded per period by all consumers at various prices. Show Answer Correct Answer: D) The total quantity demanded per period by all consumers at various prices. 20. The law of demand assumes ceteris paribus which means ..... A) Factors such as price remains unchanged. B) All other factors remain unchanged. C) That the only factor to change is the consumer's income. D) All of the above. Show Answer Correct Answer: B) All other factors remain unchanged. ← 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