What causes a shift in the demand curve?

Changes in consumer preferences

What are the determinants of aggregate demand?

Changes in producer expectations

Elastic demand occurs when the percentage change in quantity demanded is

Greater than the percentage change in price

Equal to the percentage change in price

Less than the percentage change in price

Inelastic demand occurs when the percentage change in quantity demanded is

Less than the percentage change in price

Equal to the percentage change in price

Greater than the percentage change in price

Unitary elastic demand occurs when the percentage change in quantity demanded is

Equal to the percentage change in price

Greater than the percentage change in price

Less than the percentage change in price

An increase in government spending can lead to

Decrease in elasticity of demand

Increase in consumer preferences

When consumers expect prices to rise in the future, what is the likely impact on current aggregate demand?

Aggregate demand remains unchanged.

Aggregate demand becomes elastic.

If there is a decrease in consumer income, what effect is likely to occur on the demand for inferior goods?

Demand for inferior goods increases.

Demand for inferior goods decreases.

Demand for inferior goods remains unchanged.

Demand for inferior goods becomes elastic.

How would an increase in government spending affect the aggregate demand curve?

It shifts the aggregate demand curve to the right.

It shifts the aggregate demand curve to the left.

It causes movement along the aggregate demand curve.

It has no impact on the aggregate demand curve.

If there is a decrease in the price of substitute goods, what will happen to the demand for the original goods?

Demand for the original goods decreases.

Demand for the original goods increases.

Demand for the original goods remains unchanged.

Demand for the original goods becomes elastic.

How does an increase in interest rates affect investment expenditure in the economy?

Investment expenditure decreases.

Investment expenditure increases.

Investment expenditure remains unchanged.

Investment expenditure becomes elastic.

What happens to aggregate demand if there is a decrease in exports and an increase in imports?

Aggregate demand remains unchanged.

Aggregate demand becomes elastic.

If consumer confidence in the economy is high, how does this affect aggregate demand?

Aggregate demand remains unchanged.

Aggregate demand becomes elastic.

When there is a reduction in taxes, what is the likely impact on aggregate demand?

Aggregate demand remains unchanged.

Aggregate demand becomes elastic.

How does an increase in the population size affect the demand for goods and services?

Demand increases due to higher consumption.

Demand decreases due to oversupply.

When analyzing the impact of a decrease in consumer income on the demand for luxury goods, which scenario is likely to occur?

Demand for luxury goods decreases.

Demand for luxury goods increases.

Demand for luxury goods remains unchanged.

Demand for luxury goods becomes elastic.

What is the likely consequence of a decrease in production costs on the supply curve?

The supply curve shifts to the right.

The supply curve shifts to the left.

There is movement along the supply curve.

There is no impact on the supply curve.

When analyzing the elasticity of demand for essential goods, which characteristic is most likely observed?

Unitary elastic demand (Ed = 1).

If there is a simultaneous increase in both demand and supply for a product, what could be a possible explanation?

Market equilibrium is achieved.

There is a shortage in the market.

There is a surplus in the market.

The market experiences disequilibrium.

Evaluate the likely consequences of a government-imposed tariff on imported goods on domestic consumers and producers.

Consumers benefit, and producers suffer losses.

Consumers suffer losses, and producers benefit.

Both consumers and producers benefit.

Both consumers and producers suffer losses.

Evaluate the effectiveness of using fiscal policy measures to combat inflation in an economy.

Moderately effective in controlling inflation.

Highly effective in controlling inflation.

Ineffective in controlling inflation.

Evaluate the impact of a sudden increase in oil prices on the overall economy, considering its effects on both demand and supply.

Decreases aggregate demand and supply.

Increases aggregate demand and decreases aggregate supply.

Decreases aggregate demand and increases aggregate supply.

Increases aggregate demand and supply.

Assess the potential effects of a trade war between two major economies on global supply chains and consumer prices.

Disruption in supply chains and higher consumer prices.

Disruption in supply chains and lower consumer prices.

Strengthened supply chains and higher consumer prices.

Stable supply chains and lower consumer prices.

Evaluate the role of government regulations in ensuring fair competition among businesses and its impact on market efficiency.

Promotes fair competition and increases market efficiency.

Hinders fair competition and decreases market efficiency.

Has no impact on fair competition and market efficiency.

Promotes fair competition but decreases market efficiency.

Create a hypothetical scenario where changes in consumer preferences lead to shifts in both demand and supply curves, affecting market equilibrium.

Consumer preferences shift towards eco-friendly products, leading to increased demand and higher supply costs.

Consumer preferences shift towards luxury goods, causing increased demand and surplus supply.

Consumer preferences shift towards basic necessities, causing decreased demand and lower supply costs.

Consumer preferences shift towards imported goods, leading to decreased demand and higher supply.

Develop a strategy to address a situation where there is excess supply of a particular agricultural commodity in the market, leading to price declines.

Implement production quotas to limit supply.

Increase export subsidies to reduce excess supply.

Impose tariffs on imports to reduce competition.

Decrease taxes on production to incentivize supply reduction.

Propose a policy measure to stimulate aggregate demand during an economic recession, considering both fiscal and monetary tools.

Increase government spending and decrease interest rates.

Decrease government spending and increase interest rates.

Decrease taxes and increase money supply.

Increase taxes and decrease money supply.

Create a plan to analyze the impact of an increase in minimum wage on both labor supply and demand in a specific industry.

Collect data on employment levels before and after the minimum wage increase.

Conduct surveys to assess workers' willingness to work at different wage levels.

Analyze historical trends in wages and employment in the industry.

SOCSCI 9.QUIZ.005.DEMAND 2

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SOCSCI 9.QUIZ.005.DEMAND 2

52 questions

Student Name (LAST, FIRST MI.):

Student Number:

Subject:

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Changes in demand refer to alterations in

What causes a shift in the demand curve?

Aggregate demand (AD) represents the total demand for goods and services within an economy at a given

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