Demand

Demand

KG - University

18 Qs

quiz-placeholder

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Demand

Demand

Assessment

Quiz

Other

KG - University

Practice Problem

Medium

Created by

Lindsey Pickham

Used 16+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good that replaces another demanded good

Complement
Inferior
Normal
Substitute

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good that is always used with another good

Complement
Inferior
Normal
Substitute

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a consumer is able to buy a good or service, he or she creates

Consumption
Demand
Elasticity
Allocation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are inferior goods?

Goods that are not well produced
Goods that no one wants to buy
Good for which demand rises when incomes falls
Goods for which the demand falls when income rises

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is future price related to current demand?

If the price is expected to rise, current demand will drop
If the price is expected to fall, current demand will rise
If the price is expected to rise, current demand will rise
Future price is not related to current demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean when the demand for a product is inelastic

People will not buy any of the product when the price goes up
A price increase does not have significant impact on buying habits
Customers are sensitive to the price of the product
There are very few satisfactory substitutes for the product

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a basic principle of the law of demand

The higher the price, the more people will want the good
Everyone has a limited income that they will spend
When a good's price is lower, people will buy more of it
Services are of interest in the same way that goods are

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