Demand Quiz

Demand Quiz

12th Grade

8 Qs

quiz-placeholder

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Demand Quiz

Demand Quiz

Assessment

Quiz

Other

12th Grade

Hard

Created by

Luella Cairns

Used 3+ times

FREE Resource

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

The law of demand states that as the price of a good or service increases, the quantity demanded also increases.

The law of demand states that as the price of a good or service decreases, the quantity demanded also decreases.

The law of demand states that as the price of a good or service increases, the quantity demanded remains constant.

The law of demand states that as the price of a good or service increases, the quantity demanded decreases, and vice versa.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of price elasticity of demand.

Price elasticity of demand measures the responsiveness of quantity demanded to a change in price.

Price elasticity of demand measures the responsiveness of production to a change in price.

Price elasticity of demand measures the responsiveness of income to a change in price.

Price elasticity of demand measures the responsiveness of quantity supplied to a change in price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a change in quantity demanded and a change in demand?

A change in quantity demanded is a movement along the supply curve due to a change in price, while a change in demand is a shift of the entire supply curve due to factors other than price.

A change in quantity demanded is a shift of the entire demand curve due to factors other than price, while a change in demand is a movement along the demand curve due to a change in price.

A change in quantity demanded is a shift of the entire supply curve due to factors other than price, while a change in demand is a movement along the supply curve due to a change in price.

A change in quantity demanded is a movement along the demand curve due to a change in price, while a change in demand is a shift of the entire demand curve due to factors other than price.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does income affect demand?

Income has a negative effect on demand.

Income has a positive effect on demand.

Income has no effect on demand.

Income has a fluctuating effect on demand.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the income effect in relation to demand?

Change in price due to a change in consumer income.

Change in consumer preferences due to a change in consumer income.

Change in supply due to a change in consumer income.

Change in quantity demanded due to a change in consumer income.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of diminishing marginal utility?

The law of increasing marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit increases.

The law of diminishing marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit decreases.

The law of constant marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit remains constant.

The law of marginal utility states that as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit remains the same.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between elastic and inelastic demand?

The difference between elastic and inelastic demand is the time period considered for the change in price.

The difference between elastic and inelastic demand is the responsiveness of quantity demanded to a change in income.

The difference between elastic and inelastic demand is the responsiveness of quantity demanded to a change in price.

The difference between elastic and inelastic demand is the availability of substitute goods.

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the availability of substitutes affect demand?

The availability of substitutes increases demand.

The availability of substitutes has no effect on demand.

The availability of substitutes fluctuates demand.

The availability of substitutes reduces demand.