MEFA - Quiz 1.3 Types of Demand

1. 1. Consumer goods are products that are purchased for personal use and Consumer goods are the goods finally used by the consumers to satisfy their wants

• A. YES

• B. NO

• C. MAY BE

• D. NONE OF THE ABOVE

2. 2. Producer goods, also called (a)   goods, in economics, goods manufactured and used in further manufacturing, processing, or resale

3. 3. WHAT IS AUTONOMOUS DEMAND?

• This is the demand for products and services that is influenced or determined by other goods

• This is the demand for products and services that is not influenced or determined by other goods

• None of the above

4. 4. Derived demand—in economics—is the demand for a good or service that results from the demand for a different, or related, good or service

• Yes

• No

5. 5. When the demand for building leads to create demands for cement, bricks, sand, timber, labour, etc., are is called

• A. Autonomous Demand and

• B. Derived Demand

• C. Consumer Demand

• D. None of the above

6• Durable goods are those which give service relatively for ..........

• A. a long time

• B. Short time

• C. Medium term

• D. Non of the above

7. 7. Perishable goods are consumed where in durable goods are used

• A. TRUE

• B. FALSE

8. 8. Those goods which are which can be consumed only once is called are known as ______________

• A. Durable Goods

• B. Perishable Goods

• C. None of the above

9. 9. Market demand for the commodity produced by a particular firms is called

• A. Industry demand

• B. Firm demand

• c. Market Demand

• d. None of the above

10. 10. Firm demand is less elastic in short run and Industry demand is less elastic in short run

• A. TRUE

• B. FALSE