WorksheetsDemand - Quiz
Total questions: 10
Worksheet time: 20mins
Name
Class
Date
1.
Consumers buy _____ of a good when its price decreases and _____ when its price increases
a)
less; more
b)
more; less
2.
The Law of Demand says that when the price rises quantity demand goes ________ and when the price drops the quantity demand goes _______.
a)
down; up
b)
up; down
3.
_______ effect is when a consumer replaces a more expensive item for a less costly alternative.
a)
Income
b)
Substitution
c)
I'm broke
4.
________ effect happens when a consumer his/her consumption of a good based on how much money they make.
a)
Income
b)
Substitution
c)
I'm rich
5.
A _________ ________ schedule is a table that lists the quantity of a good all consumers in a market will buy at each different price
a)
market demand
b)
market supply
c)
product outcome
6.
A __________ good is a good that consumers demand more of when their incomes increase.
a)
inferior
b)
normal
c)
substitute
7.
An __________ good is a good that consumers demand less of when their income increases.
a)
inferior
b)
normal
c)
substitute
8.
________________ are two goods that are bought and used together
a)
Pairs
b)
Complements
c)
Package deals
9.
Demand for a good that consumers will continue to buy despite a price increase
is ___________
a)
elastic
b)
inelastic
10.
Demand for a good that is very sensitive to changes in price is _________.
a)
elastic
b)
inelastic
100 %
