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Demand Quiz
This quiz will test you knowledge on concepts related to demand analysis. Our next Demand quiz will add some elasticity concepts.
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An convenient mechanism where consumers and producers communicate for the express purpose of the exchange of goods and services is an accurate definition of
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1 point
markets.
economies.
stores.
firms.
The demand curve has a negative slope for all of the following reasons except
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the law of diminishing marginal returns.
the law of diminishing marginal utility.
the income effect.
the substitution effect.
Which of the following is not a correct 'causal' relationship set concerning the law of demand.
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Price is the independent variable and Qd the dependent variable in the substitution effect.
Price is the independent variable and Qd the dependent variable in the income effect.
Price is the dependent variable and Qd the independent variable in the law of diminishing marginal utility effect.
Price is the independent variable and Qd the dependent variable in the law of diminishing marginal utility effect.
All of the following are required for a consumer to qualify for 'effective demand' analysis except
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Consumer is willing to consider bearing the opportunity cost associated with purchasing the prodcut
Consumer hopes to gain some form of utility from the prodcut.
Consumer has access to the means of purchasing the product.
Consumer has purchased the product in the past.
Which of the following might most be considered an inferior good?
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Used cars
Coca-cola
Potatoes
Televisions
Which of the following pair of items most likely have the strongest complimentary relationship?
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Tennis balls and tennis raquets
Cars and petrol
Coke and Pepsi
Peanut butter and jelly
An effective advertising campaign for milk is likely to lead to
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a movement along the demand curve towards the y axis.
a shift of the demand curve away from the origin.
a movement along the demand curve towards the x axis.
a shift of the demand curve towards the origin.
It can be concluded that good x
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is a Veblen good
is an inferior good.
has no substitutes.
is a normal good.
When there is an increase in the price of a product there is
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a shift of the demand curve away from the origin.
a movement along the demand curve towards the y axis.
a movement along the demand curve towards the x axis.
a shift of the demand curve towards the origin.
When there is a fall in the price of a good you purchase,
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the substitution effect is always positive.
the substitution effect is zero.
the income effect is always positive.
the income effect is zero.
In which of the following examples might the law of diminishing marginal returns be most pronounced?
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The first to second car
The first to second piece of chocolate
The first to the second potato chip
The first to second episode of Cobra Kai
Increased consumer awareness of environmentally damaging products and production processes should have the following impact on the demand curve.
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A movement along the demand curve towards the x axis.
A shift of the demand curve away from the origin.
A movement along the demand curve towards the y axis.
A shift of the demand curve towards the origin.
The shift from D to D1 could be caused by all of the following except
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an increase in the price of a consumer substitute.
an increase in the size of the population
an increase in incomes
an increase in the price of a consumer complement
The curve indicates that good X is a good which
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has no substitute.
is a normal good.
is an inferior good.
is a consumer complement with another good.
Which one of the following will cause the demand curve for chocolate candy bars to shift to the left?
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Consumers expecting prices of chocolate candy bars to fall in the near future
An increase in the wages of chocolate candy bar workers
A decrease in the price of chocolate candy bars
Doctors discovering that chocolate increases life expectancy
Which combination of answers is correct
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II and III only
I and II only
I only
I, II, and III
Which of the following substitutes most likely have the weakest substitute relationship? (answer is debatable)
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Movies and bowling
Rice and Pasta
Hydro-life water and Nestle Pure Life Water
Beef and chicken
The movement from point X to point Y on the demand curve could have been caused by
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A decrease in the price of onions
An increase in the price of onions
An decrease in the price of a consumer substitute
A decrease in incomes
A shift in production from C to B could have been caused by all of the following except
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An increase in the market price of apples.
An decrease in the market price of pears.
An increase the perceived health benefits of apples.
A natural disaster in the the farms lands where peaches are grown.
From the diagram it can be concluded that good X is
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an inferior good in relation to Y.
a normal good.
a consumer complement to good Y.
a consumer substitute for good Y.
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