1) A Demand curve shows the relationship between price and quantity demanded? a) True b) False 2) For a normal good the following is true: a) As price falls Qd rises b) As price rises Qd rises c) As price falls Qd falls 3) A change in price is always shown by a movement along the demand curve a) True b) False 4) A demand curve is upward sloping a) True b) False 5) Which of the following will influence demand? a) The price of the good b) Available PPF curves c) Available capital 6) Which of the following will not affect demand? a) Consumer income b) Price of substitutes c) Consumer tastes and fashion d) Advertising e) the level of education of the UK population 7) Which of the following describes a normal good? a) One where if prices rise demand will fall b) One where if incomes rise demand will fall c) A product with a snob effect 8) Which of the following best describes an inferior good? a) As incomes increase demand for an inferior good falls b) As incomes rise demand for inferior goods rises c) As incomes rise demand for inferior goods will not be affected 9) The price of complementary goods will have an impact on demand a) True b) False 10) The price of close substitutes will not have an impact on a good a) True b) False 11) Which of the following are substitutes? a) tea and biscuits b) bread and butter c) cornflakes and rice crispies 12) Which of the following are complements? a) windows and houses b) bus and train c) white bread and brown bread 13) Which of the following can affect demand? a) Consumer tastes and fashion b) Business goals c) Motivation of workforce 14) Which of the following may lead to an increase in demand? a) A recession b) A competitive market c) An increase in the standard of living 15) Which of the following will cause a demand curve to shift to the right? a) Fall in consumer income b) Rise in the price of substitutes c) Rise in the price of complements 16) The formula for PED is: a) % change in Qd / % change in Price b) Change in Price / Change in Qd c) % change in Price / % change in Qd 17) A perfectly price inelastic diagram has which type of demand curve? a) Vertical b) Horizontal c) 45% 18) A perfectly price elastic diagram has which type of Demand curve? a) Horizontal b) Vertical c) Downward sloping 19) A PED of -0.4 shows which of the following? a) Price inelastic b) Perfectly elastic c) Perfectly inelastic 20) A PED of -2.5 shows which of the following? a) Price elastic b) Perfectly elastic c) Price inelastic 21) If the price of a perfectly inelastic product increased the impact would be which of the following? a) Qd would not be affected b) Qd would increase slightly c) Qd would fall sharply 22) If a price elastic normal product increased its price by 5% the change in demand would be which of the following? a) A fall of Qd by more than 5% b) There would be no change in Qd c) Qd would fall by less than 5% 23) Which of the following will influence whether or not a product is price elastic? a) Availability and price of close substitutes b) Availability of unrelated products c) Rising incomes 24) A product increases it's price by 5% and experiences a 15% fall in demand - this product is which of the following? a) Price elastic b) Perfectly price elastic c) Perfectly price inelastic 25) Inferior goods will experience a rise in demand as incomes increase a) False b) True 26) People with high levels of disposable income are more likely to spend money on which of the following? a) Luxuries b) Normal goods c) Inferior goods 27) Demand for small cars will fall by 5% as incomes rise by 10%. This shows that small cars are which of the following? a) Inferior goods b) Normal goods c) Luxury goods 28) Organic tomatoes are a substitute for which of the following items? a) Non organic tomatoes b) Weetabix c) Diet coke

Demand and Elasticity

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