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Demand Quiz

Authored by Ava Halliday

History

12th Grade

Used 1+ times

Demand Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve represents the purchasing behavior of ______.

Consumers

Producers

Producers and Consumers

Laborers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following summarizes the law of demand?

When the price of a product is higher, more consumers will purchase the product

Inflation causes higher prices

When the price of a product is lower, consumers will purchase more of that product

Investors only care about profit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of gas goes up, there will be _____

A decrease in the demand for gas

An increase in the demand for gas

A change to the supply curve for gas

No change to the demand curve for gas

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following will result in an increase in demand due to consumer expectations?

Producers think it will be a warm summer, so they produce more swimsuits

Consumers suddenly love neon, so they buy more neon shoes

Consumer income rises so people buy fewer inferior goods

Consumers think it will be a cold winter, so they buy more blankets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of peanut butter decreases, then what will happen to the demand for jelly?

There will be a decrease in demand for jelly

There will be an increase in demand for jelly

There will be an increase in demand for peanut butter

There will be no change to the demand curve for jelly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What two effects help explain the downward sloping shape of the demand curve?

Substitute and Compliment Effects

Normal and Inferior Effects

Supply and Demand Effects

Substitute and Income Effects

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following scenarios would NOT shift the demand curve for picture frames?

A decrease in the price of picture frames

A change in the price of printing photos

A celebrity promotes the wonders of picture frames

An increase in income for most picture frame purchasers

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