This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 31 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If the price of paperback books climbs above $ 10, consumers might decide to buy fewer books and choose instead to buy $ 4 magazines. This is an example of ..... A) Demand curve. B) Complement effect. C) Substitution effect. D) Income effect. Show Answer Correct Answer: C) Substitution effect. 2. A factor causing a contraction in supply could be: A) A fall in price. B) An increase in production costs. C) A fall in labour productivity. D) A rise in the price of another good produced by the same company. Show Answer Correct Answer: A) A fall in price. 3. Government's attempt to dictate the price of goods and services through ceilings or floors. Will throw the market into a surplus or a shortage. A) Price Ceiling. B) Price Floor. C) Price Controls. D) Price Match. Show Answer Correct Answer: C) Price Controls. 4. When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached? A) Equilibrium. B) Demand. C) Price. D) None of above. Show Answer Correct Answer: A) Equilibrium. 5. Which is NOT a problem of a planned economy? A) Guaranteed pay. B) Shortages. C) Poor quality goods. D) Lack of flexibility. Show Answer Correct Answer: A) Guaranteed pay. 6. Which is an example of complementary goods? A) Laptops and shampoo. B) Margarine and butter. C) Coca-Cola and Pepsi. D) Printers and ink cartridges. Show Answer Correct Answer: D) Printers and ink cartridges. 7. Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is A) 0. B) 1. C) 6. D) 36. Show Answer Correct Answer: B) 1. 8. Needs is A) Of necessity. B) Demand. C) Supply. D) None of above. Show Answer Correct Answer: A) Of necessity. 9. Goods that are typically consumed together are known as A) Substitute goods. B) Complimentary goods. C) Consumer goods. D) Capital goods. Show Answer Correct Answer: B) Complimentary goods. 10. The cost of flour increases due to a drought in the Midwest. It now costs more to create baked goods. Why does this change the supply? A) Change in cost of production. B) Changes in number of producers. C) Changes in expectations. D) None of above. Show Answer Correct Answer: A) Change in cost of production. 11. A complement product to peanut butter is ..... A) Mustard. B) Soda. C) Jelly. D) Bologna. Show Answer Correct Answer: C) Jelly. 12. Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers A) Are different. B) Are equal. C) Is higher for the product demanded. D) Is higher for the product supplied. Show Answer Correct Answer: B) Are equal. 13. Goods that are used together. A) Complimentary. B) Substitute. C) Inferior. D) Superior. Show Answer Correct Answer: A) Complimentary. 14. When a customer's need for a product is not urgent, demand tends to be A) Inelastic. B) Elastic. C) Complementary. D) Unit elastic. Show Answer Correct Answer: B) Elastic. 15. The number one goal of a business is: A) Equality. B) Good Working Conditions. C) Profit. D) Charitable Contributions. Show Answer Correct Answer: C) Profit. 16. A nail salon increases the price it charges for manicures and less clients come. How does this affect demand? A) Decrease in the quantity demanded. B) Increase in the quanity demanded. C) Increase in demand. D) Decrease in demand. Show Answer Correct Answer: A) Decrease in the quantity demanded. 17. A shift in the demand curve means ..... A) A change in demand at every price. B) A rise in prices. C) A decrease in both price and quantity demanded. D) A change in consumer income. Show Answer Correct Answer: A) A change in demand at every price. 18. A listing of how much of an item an individual is willing to purchase at each price. A) Market Supply Schedule. B) Supply Schedule. C) Demand Schedule. D) Demand Curve. Show Answer Correct Answer: C) Demand Schedule. 19. The desire and ability to produce and sell a product A) Demand. B) Supply. C) Law of Demand. D) Elastic. Show Answer Correct Answer: B) Supply. 20. This describes the various amounts of products that someone is willing to buy at various prices. A) Supply. B) Demand. C) Utility. D) Incentive. Show Answer Correct Answer: B) Demand. ← 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