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Demand Quiz 7 (20 MCQs)

Quiz Instructions

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1. What effect will occur by increasing the price of a good?
2. This is the economic system where ideas are passed down from generation to generation and economic decisions are made the way they have always been made.
3. Which of the following market structures results in allocative efficiency?
4. Which of the following parts of a consumer budget would be most price elastic?
5. How is the law of demand illustrated on a demand curve?
6. Normal goods have negative income effect
7. Lower prices leads to higher demand.
8. Demand is the desire, ....., and willingness to buy a product or service.
9. If an increase in a consumers income, decreases the demand for a product, it is a ..... good.
10. What kind of system is the United States economy based on?
11. Which of the following illustrates the economic meaning of demand?
12. Which of the following would cause the demand curve to shift to the right?
13. What is not an example of a complement
14. If America decided to ban the import of oil from Saudi Arabia and Iran, the price of oil would:
15. The demand for a(n) ..... increases as money income increases-that is, the demand curve shifts rightward when consumer income increases.
16. Consumers demand more of this type of good when their income rises.
17. You get a raise at work. What would happen to the demand for going out to eat?
18. ..... is price multiplied by the quantity demanded at the price.
19. This factor has the greatest impact on what producers want to make
20. Which of the following is an example of a price floor?
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