Quiz 1 Comercio Internacional

Part 1. Select the best answer.

What determines the price of a good or service?

• Demand only

• Supply only

• Supply and Demand

• None of the above

Part 1. Select the best answer.

Consumers are __________.

• people that sell goods and services.

• people that buy goods and services.

• people that consume food.

• None of the above.

Part 1. Select the best answer.

Demand means __________.

• the amount of a good or service that consumers are willing to buy.

• is the amount of a good or service produced.

• is the price that is demanded by consumers.

• None of the above.

Part 1. Select the best answer.

What does the law of demand say?

• Consumers will buy less of something when the price goes down.

• Consumers will buy more of something when price increases.

• Consumers will buy more of something when prices decrease.

• None of the above.

Part 1. Select the best answer.

If the price of a good or service increases, what will happen to the demand for it?

• Increase

• Decrease

• Stay the same

• Nobody knows

Part 1. Select the best answer.

In which way can demand be shown, with __________.

• a demand schedule chart.

• a demand curve graph.

• using the formula D + E =DE

• A and B.

Part 1. Select the best answer. 

A factor that can change the amount demanded for a good would be:

• Income

• Population

• Tastes

• All of the above

Part 1. Select the best answer.

 If a good becomes popular or fashionable, what will happen with the demand for the good?

• Decrease

• Stay the same

• Increase

• None of the Above

Part 1. Select the best answer.

In regard to substitute goods, if the price of Sprite increases, what will happen with the demand for a substitute good like 7-UP?

• Increase

• Decrease

• Stay the same

• None of the Above

Part 1. Select the best answer.

If demand for one complementary good like a printer decreases what would happen with the demand for ink cartridges?

• Increase

• Decrease

• Stay the same

• None of the Above