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WorksheetsDemand and Market Concepts Quiz
Total questions: 10
Worksheet time: 5mins
What happens to the demand for an inferior good when income rises?
Demand drops
Demand rises
Demand remains unchanged
Demand doubles
Which type of good has demand that does not change when income rises or falls?
Neutral good
Inferior good
Normal good
Substitute good
What is a complement in economics?
A good used with another good
A good used instead of another
A good owned by the government
A good with demand that rises with income
What does the term "demand" refer to?
The willingness and ability of buyers to purchase goods at different prices
The price of goods in the market
The supply of goods available
The cost of producing goods
What is a demand schedule?
A table showing demand at different prices
A graph showing supply
A list of goods available in the market
A timetable for product delivery
How does demand for a normal good change when income goes up?
Demand goes up
Demand goes down
Demand remains unchanged
Demand disappears
What does a demand curve show?
Demand at different prices
Supply at different prices
Income levels
Production costs
What does elasticity of demand measure?
How much demand changes with price
How much supply changes with price
How much income changes with demand
How much cost changes with production
What is a substitute good?
A similar good used instead of another
A good used with another good
A good owned by the government
A good with demand that falls with income
What is a market?
Any place buyers and sellers meet to exchange goods and services
A place where only sellers are present
A government-owned property
A contract between two people
