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economics

Authored by Wahidha Begum

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economics
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes demand in economic terms?

The number of goods available in a market at a given time.
The total amount of money consumers are willing to spend on goods.
The quantity of a good or service that consumers are willing and able to purchase at various price levels.
The quantity of a good that producers are willing to sell at various prices.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the demand curve typically represent?

An upward slope indicating a direct relationship between price and quantity demanded.
A downward slope indicating an inverse relationship between price and quantity demanded.
A horizontal line indicating that demand is constant regardless of price.
A vertical line indicating that demand is completely inelastic.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the relationship between price and quantity demanded?

Price has no effect on quantity demanded.
As price increases, quantity demanded decreases.
As price decreases, quantity demanded decreases.
As price increases, quantity demanded increases.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does an increase in consumer income typically affect demand for normal goods?

It decreases demand for inferior goods only.
It increases demand for normal goods.
It has no effect on demand.
It decreases demand for normal goods.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does supply refer to in economic terms?

The amount of goods available for sale at a fixed price.
The quantity of a good or service that consumers are willing to purchase.
The quantity of a good or service that producers are willing and able to sell at various price levels.
The total demand for a good in the market.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a key factor that influences supply?

Consumer preferences
Income of consumers
Price of substitutes
Government policies

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following factors would likely lead to an increase in supply?

A decrease in the number of suppliers.
A rise in consumer demand.
An increase in production costs.
Advancements in technology that lower production costs.

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