demand quiziz

The desire to have some good or service and the ability to pay for it

• supply

• equilibrium

• demand

• quantity demanded

Which of these best describes the law of demand?

• if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

• if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

• there is no law of demand, each situation is unique and demand and prices cannot be predicted

• prices will go up for certain goods when quantity demanded goes up and vice versa

Which of these shows a decrease in the quantity demanded?

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Which of these shows an increase in the quantity demanded?

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What luxury goods do Rolex produce?

• Clothes

• Cars

• Jewellery

• Private Planes

• Watches

What luxury goods do Gucci produce?

• Clothes

• Cars

• Jewellery

• Private Planes

• Watches

What luxury goods do Tiffany & Co produce?

• Clothes

• Cars

• Jewellery

• Private Planes

• Watches

What luxury goods do Maserati produce?

• Clothes

• Cars

• Jewellery

• Private Jets

• Watches

Which of the following is a characteristic of normal goods? 

• Demand increases as income decreases.

• Demand increases as income increases

• There is a negative income elasticity of demand

• They are often considered necessities.

An example of an inferior good is

• High-quality clothing 

• Luxury cars 

• Generic food products 

• Smartphones