Economics quiz

Economics quiz

9th - 12th Grade

10 Qs

quiz-placeholder

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Economics quiz

Economics quiz

Assessment

Quiz

Other

9th - 12th Grade

Practice Problem

Medium

Created by

Nikitha Nagampally

Used 3+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Utility refers to

Usefulness

Satisfaction

Anticipated satisfaction

Pleasure

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is not a determinant of demand

Consumer's expectations

Consumer's taste and preference

Income of consumers

Prices of unrelated goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A group of people decrease demand due to common product due to which of following

Veblen effect

Bandwagon effect

Snob effect

None

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand for which type of goods do not decrease with the increase in its price

Comforts

Luxury

Necessities

All the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For what types of goods does demand fall with a rise in income levels of households

Inferior goods

Necessities

Substitute goods

Complementary goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of good X increases demand for good Y also increases the two goods are

Normal goods

Complementary goods

Substitute goods

None

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Change in demand due to increase in real income of a consumer is

Income effect

Substitution effect

Marginal effect

None

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