Currey Demand Quiz

The desire to have some good or service and the ability to pay for it

• demand
• supply
• consumption
• production

The more money that a person makes, the more they are willing to spend..

• True
• There is no correlation between income and spending habits.
• It depends on the person.
• False.

Which of these best describes the law of demand?

• As price increases, quantity demanded stays the same.
• As price increases, quantity demanded increases.
• As price decreases, quantity demanded increases.
• As price increases, quantity demanded decreases

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

• elasticity of demand
• law of supply
• market equilibrium
• Change in Quantity Demanded

The quantity demanded of a good or service changes at all price levels best describes the concept of

• Cross elasticity of demand.
• Income elasticity of demand.
• change in demand

• Substitution effect.

Which of these shows a decrease in the quantity demanded?

• An increase in price
• A decrease in population.
• A decrease in advertising.
• A decrease in income.

Which of these shows an increase in the quantity demanded?

• A decrease in price
• A decrease in income.
• An increase in price.
• A decrease in population.

According to the Law of Demand, when prices drop...

• the quantity supplied increases.
• the quantity demanded decreases.
• the quantity demanded increases
• the quantity supplied decreases.

The more money that a person makes, the more they are willing to spend..

• There is no correlation between income and spending habits.
• True
• It depends on the person.
• False.

The more of a product that you consume, the less satisfaction the consumer enjoys..

• Diminishing marginal utility
• Reduced consumer enjoyment
• Less utility with increased consumption
• Decreasing marginal satisfaction