Chapter 4 Economics- What is Demand

Which of the following could increase demand for a good?

• higher birthrate

• increased immigration

• higher prices in the future

• all of the above

Demand Curves

• slope upward from left to right

• slope downward from left to right

• show a positive relationship

• slope downward from right to left

A shift of the demand curve represents

• a movement on the demand curve

• a change in the quantity demanded

• a change in demand

• all of the above

In economics, demand means

• willingness and desire to buy a good

• willingness and ability to buy a good

• ability to buy a good

• willingness to buy a good

A normal good

• has not been damaged

• will be purchased, regardless of changes in income

• will be in higher demand if a person's income increases

• will be in higher demand if a person's income decreases

If an increase in a consumers income, decreases the demand for a product, it is a _______ good.

• Normal

• Inferior

• Substitute

• Compliment

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

• True
• False

Consumer wants are the same as consumer demand.

• True
• False

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.

Which item would provide you with the least marginal utility?

• a second copy of the daily newspaper.
• a second drink of water when you're thirsty.
• a second pair of sneakers.
• a second car.