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Authored by Louise Agravante
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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Law of Demand state?
As price increases, demand increases
As price decreases, quantity demanded increases
Price and demand are unrelated
Demand is fixed regardless of price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines demand?
The willingness and ability of consumers to buy goods and services
The total supply of products in the market
The cost of producing goods
The government’s regulation of prices
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The demand curve slopes:
Upward
Downward
Horizontally
Vertically
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A supply curve slopes:
Downward
Upward
Flat
Zigzag
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Law of Supply?
When price rises, quantity supplied decreases
When price rises, quantity supplied increases
Price and supply are unrelated
None of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The term “Ceteris Paribus” means:
Everything changes equally
All things being equal
Only demand changes
Prices are constant
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the price of rice increases, consumers buy less rice. This is an example of:
Supply effect
Income effect
Substitution effect
Production effect
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