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Factors Affecting Demand Quiz

Authored by Hadam Benachou

Other

9th Grade

Used 7+ times

Factors Affecting Demand Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the income effect ?

that part of a change in quantity demanded due to a change in the buyer’s real income when a price changes

that part of a change in price demanded due to a change in the buyer’s real income when a price changes

Consumers can feel "sadder"

Consumers can feel "happier"

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the substitution effect in the context of change in quantity demanded?

that part of a change in quantity demanded due to a price change that makes other products more or less costly

Makes other products more affordable

that part of a change in quantity demanded due to a price change that makes other products better quality

Makes other products more costly

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for competing products that can be used in the place of one another?

Complements

Substitutes

Alternatives

Supplements

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor can affect demand based on how it affects consumers’ willingness to buy?

Expectations

Consumer tastes

The number of consumers

Consumer income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of goods are bought in smaller quantities or not at all if income rises and better goods can be afforded?

Essential goods

Luxury goods

Inferior goods

Normal goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can affect consumer tastes?

Advertising

Trends

Rumors

All of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for products that increase the use of other products?

Substitutes

Supplements

Complements

Alternatives

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