Topic 2: Demand & Supply

Normally the demand curve will have a _______________ shape.

• Upward sloping

• Downward sloping

• Vertical

• Horizontal

Law of demand shows a relation between the ___________.

• Quantity demand and quantity supply of a commodity

• Income and quantity demand of a commodity

• Price and quantity of a commodity

• Income and price of a commodity

Which of the following is not a cause of the shift in demand for a product?

• Change in the price of substitutes

• Change in the income of a consumer

• Change in the price of a product

• None of the above

Demand for goods and services refer to:

• Desire for the goods & services

• Need for the goods & services

• Quantity demanded of that goods & services

• Quantity of the goods & services demanded at a certain price during any particular period of time

Movement along the same demand curve shows:

• Expansion of demand

• Expansion of supply

• Expansion & Contraction of demand

• Increase & decrease of demand

Law of Demand: A _______ or an ​inverse relationship

between quantity & price.

• negative

• inverse

• positive

• direct

Change in quantity demand determine by ​price factor,

Change in demand determine by ​

• statistic factor

• non price factor

• quantity factor

• accounting factor

The price of related goods consist of ​

• substitute & complementary goods

• normal & inferior goods

• normal & substitute goods

• complementary & inferior goods

Non price factor that determine the demand as follow except:

• Taste

• Integrity

• Expectation

• Income

Classification of goods and services in Islamic view:

• Free goods

• Kamaliah goods

• Economic goods

• Public goods