Demand

Generally speaking, the lower the price, the greater the quantity demanded.

• True
• False

The demand curve slopes upward, indicating that price and quantity are positively correlated.

• True
• False

Demand is elastic if it is greater than 1.0.

• True
• False

As money income increases, what happens to the demand for inferior goods?

• it increases
• it stays the same
• it decreases
• it is eliminated

One of the reasons consumers choose substitutes is that 

• no one can tell the difference.
• they are relatively cheaper.
• they are made in Japan.
• they are the same price and there are more of them.

If suddenly, a large population increase occurred, what impact would it have on the housing market?

• prices would remain constant.
• There would be a surplus of homes on the market.
• It would shift the demand curve to the left.
• It would shift the demand curve to the right.

The downward slope of a demand curve reflects the fact that, other things constant, price and quantity demanded are

• negatively related
• positively related
• elastic
• inelastic

What is a demand schedule?

• A graph that shows how much of a product a person is able &willing to buy
• a table that shows how much of a product a market is willing to buy
• a graph that shows how much of a product a market is willing to buy
• a table that shows how much of  product a person is willing&able to buy

what is the economic term for the desire to obtain a good or service and the ability to pay for it?

• complement
• elasticity
• subsitute
• demand

What is a demand curve?

• a graph showing how much an individual is willing &able to buy
• a table showing how much an individual is willing&able to buy
• a graph showing how much of a product a market is willing &able to buy
• a table showing how much of a product a market is willing&able to buy