2/13/23, 1:52 AM Demand

NAME : 
CLASS : 
Demand
19 Questions DATE  : 

1. If the demand for a good increases when people's incomes

increase,

A the law of demand is violated B the good's demand curve shifts to the left

C the good is an inferior good D the good is a normal good

2. When the price of a product increases, a consumer is able to buy

less of it. Which effect does this describe?

A Income Effect B Substitution Effect

C Inflationary Effect D Cost Effect

3. Consider the market for cellular phones. Which of the following

shifts the demand curve to the left?

a decrease in the quantity demanded of

A B a decrease in the price of cellular phones
cellular phones

an increase in the services provided by studies showing using cellular phones

C D
cellular phones, such as text messaging can cause brain cancer

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2/13/23, 1:52 AM Demand

4. Which of these best describes the law of demand?

there is no law of demand, each situation if prices go up, quantity demanded will
A is unique and demand and prices cannot B fall and if prices go down, quantity
be predicted demanded will go up

prices will go up for certain goods when if prices go up, quantity demanded will
C quantity demanded goes up and vice D also go up and if prices go down,
versa quantity demanded will also go down

5. The graph represents which concept of demand

A Change in Price B Change in Demand (Shift)

C Change in Quantity Demand (Slide) D Decrease in Demand

6. The price of coffee increases and people switch to drinking tea.

The determinant of demand is

A Price of Related Goods (Substitutes) B Price of Related Goods (Complements)

C Consumer Preferences/Tastes D Income

7. Identify which determinant of demand (Shifter) is involved: Kohl's

Black Friday sales are approaching.

A Complementary goods B Consumer tastes or preferences

C Consumer expectations D Population

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2/13/23, 1:52 AM Demand

8. What is the only factor that causes a change in quantity

demanded (Slide) along a demand curve?

A population B income

C tastes and preferences D price

9. When the price of hot dogs decreases and the demand for hot
dog buns increases, this explains the demand of

A Consumer Goods B Complementary goods

C Substitute Goods D Capital Goods

10. Goods for which demand goes down as income goes up are
better known as

A Inferior Goods B Private Goods

C Normal Goods D Public Goods

11. A new study has shown that avocados are extremely healthy. The
demand for avocados has increased due to a change in

A Price of Substitute Good B Price of Complementary Good

C Population D Consumer Preferences/Tastes

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2/13/23, 1:52 AM Demand

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

A equilibrium B quantity demanded

C demand D supply

13. Thousands of people leave a small town due to a factory closing

down. Sales at the local stores drop. What causes this change?

A Change in Population B Prices or availability of substitutes

Prices or availability of complementary

C Change in Preferences D
goods

14. The law of demand states that

price and quantity demanded are directly consumers will buy more of a product at
A B
related high prices than at low prices

price and quantity demanded are the larger the number of buyers in a
C D
inversely related market, the lower will be product price

15. If the price of gas goes up and total revenue goes up, what does
that say about the elasticity of gas?

A Gas is Elastic B Gas is Inelastic

C Gas is Unitary Elastic

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16. According to the Total Revenue Test for elastic demand, as prices go ____________, total
revenue goes _____________.

A Up; Down B Down; Up

C Down; Down D Up; Up

17. Your favorite snack has a sudden price increase of $2. You are
forced to settle for a substitute cheaper snack. The demand for
your favorite snack is

A Unitary Elastic B Elastic

C Inelastic D Ceteris Paribus

18. When consumers react to an increase in a good's price by consuming less of that good
and more of other goods.

A Cost Effect B Income Effect

C Substitution Effect D Inflationary Effect

19. Which concept of demand does the graph represent?

A Change in Demand (Shift) B Change in Price

C Decrease in Demand D Change in Quantity Demand (Slide)

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