Economics Quiz

Economics Quiz

University

20 Qs

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Economics Quiz

Economics Quiz

Assessment

Quiz

Arts

University

Practice Problem

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Parvathy Murali

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "demand" refer to in economics?

The quantity of a product that producers are willing to sell

The consumer’s desire and willingness to buy a product or service

The amount of money consumers are willing to spend

The supply of products available in the market

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following factors affect demand?

Price of the product

Income of buyers

Tastes or preferences

All of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, what happens when the price of a product increases, all else being equal?

Demand increases

Demand decreases

Demand remains the same

Demand becomes unpredictable

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for goods that are often purchased together, such as pancakes and maple syrup?

Substitute goods

Complementary goods

Normal goods

Inferior goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an exception to the law of demand?

Veblen goods

Normal goods

Inferior goods

Complementary goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the relationship between the quantity demanded of one good and the price change of another?

Price elasticity of demand

Income elasticity of demand

Cross elasticity of demand

Unitary elasticity of demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is price elasticity of demand calculated?

% Change in Price / % Change in Demand Quantity

% Change in Demand Quantity / % Change in Price

% Change in Income / % Change in Demand Quantity

% Change in Demand Quantity / % Change in Income

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