Economics Demand Quiz

What is the economics meaning of demand?

• The desire to own anything

• The willingness to pay

• The effective demand

• The ability to pay

What does the demand curve usually depict?

• The relationship between price and quantity demanded

• The relationship between income and demand

• The relationship between demand and willingness to pay

• The relationship between price and supply

What is the demand curve for all consumers together derived from?

• The demand curve of every individual consumer

• The supply curve

• The market demand schedule

• The individual demand schedule

What is the law of demand?

• Demand varies inversely with price

• Demand varies directly with price

• Demand remains constant with price

• Demand is unrelated to price

What is the exception to the law of demand associated with the doctrine propounded by Thorsten Veblen?

• Giffen paradox

• Conspicuous Consumption

• Conspicuous Necessities

• Income effect

What is the demand schedule?

• A graphical depiction of the relationship between price and quantity demanded

• A table listing the quantity of a good a person will buy at each different price

• A mathematical expression of demand

• A representation of the market demand

What determines the demand for a good or service other than price?

• The price of normal goods

• The price of inferior goods

• The price of luxury goods

• The price of substitute goods and complementary goods

What is the individual demand schedule?

• A table showing the quantities of a commodity demanded in aggregate by all the buyers in the market

• A table showing the quantities of a commodity that will be purchased by an individual at each alternative conceivable price

• A table listing the quantity of a good a person will buy at each different price

• A table representing the total market demand at various prices

What is the market demand schedule?

• A table listing the quantity of a good a person will buy at each different price

• A table showing the quantities of a commodity demanded in aggregate by all the buyers in the market

• A table showing the quantities of a commodity that will be purchased by an individual at each alternative conceivable price

• A table representing the total market demand at various prices

What is the demand relationship expressed mathematically as Q = f(P; Y, Prg, Pop, X)?

• The demand curve

• The demand schedule

• The law of demand

• The market demand curve