This quiz works best with JavaScript enabled. Home > Microeconomics > Demand > Demand – Quiz 36 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Demand Quiz 36 (8 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The change in consumption resulting from a change in real income A) Demand curve. B) Income effect. C) Elastic. D) Inferior good. Show Answer Correct Answer: B) Income effect. 2. Mixed economy is A) Private and public. B) Demand. C) Supply. D) None of above. Show Answer Correct Answer: A) Private and public. 3. The satisfaction you derive from an additional unit of a product is called your A) Marginal utility. B) Tastes. C) Total revenue. D) Demand. Show Answer Correct Answer: A) Marginal utility. 4. All of the following are true for goods with ELASTIC demand, EXCEPT ..... A) They are luxuries. B) They have lots of substitutes. C) They are necessities. D) Buying habits change a lot when price changes. Show Answer Correct Answer: C) They are necessities. 5. If a bunch of people lose their jobs in an area, what will happen to demand for some products? A) Go down. B) Go up. C) Stay the same. D) None of above. Show Answer Correct Answer: A) Go down. 6. A recent scandal in which 1 million fake Chanel handbags have been discovered. There is an increase in Louis Vuitton handbags because of a change in: A) Price of a complement. B) Price of a substitute. C) Tastes and preferences. D) Income. Show Answer Correct Answer: C) Tastes and preferences. 7. If Consumer incomes increase, it will cause the demand curve for sirloin steak to shift in which direction? A) To the right. B) To the left. C) No shift at all. D) None of above. Show Answer Correct Answer: A) To the right. 8. Which of the following would cause an increase in demand for microwave ovens? A) A decrease in the price of microwave ovens. B) An anticipated price fall for microwave ovens. C) A lowering of production costs or cheaper resource prices. D) A rise in household disposable income. Show Answer Correct Answer: D) A rise in household disposable income. ← PreviousRelated 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