Demand Quiz
This quiz is designed to test students on their knowledge of the basic principles of demand. For instance, the law of demand, the demand curve, the factors that affect demand, and the elasticity of demand.
- 1.Fill in the blank According to ____________, when price decreases, demand rises, and when price increases, demand falls.
- A.
The Law of Diminishing Marginal Utility
- B.
Adam Smith
- C.
The Law of Demand
- D.
The elasticity of demand
- 2.Fill in the blank______________ is the willingness to buy a product and the ability to pay for it.
- A.
Quantity
- B.
Demand
- C.
The Law of Demand
- D.
Elasticity
- 3.
![What kind of shift in demand does this graph show? - ProProfs]( "What kind of shift in demand does this graph show?")
What kind of shift in demand does this graph show?- A.
An increase in demand
- B.
A decrease in demand
- 4.
![What kind of shift in Demand does this graph show? - ProProfs]( "What kind of shift in Demand does this graph show?")
What kind of shift in Demand does this graph show?- A.
An increase in demand
- B.
A decrease in demand
- 5.Jen has just received a raise at her job, and as a result, she has stopped purchasing discounted clothing and has begun to shop at designer clothing stores. The discounted clothing that Jen has stopped purchasing is an example of what kind of good?
- A.
An inferior good
- B.
A normal good
- C.
A complementary good
- D.
A neutral good
- 6.Tom was recently laid off from his job. His shortage of income has restricted him from buying jewelry for his wife. The jewelry that Tom can no longer afford is an example of what kind of good?
- A.
An inferior good
- B.
A normal good
- C.
A complementry good
- D.
A neutral good
- 7.PlayStation 3 and XBOX 360 are substitutes. If the price of PlayStation 3 increases what will happen to the quantity demanded for XBOX 360?
- A.
The quantity demand for XBOX 360 will decrease
- B.
The quantity demand for XBOX 360 will not change
- C.
The quantity demand for XBOX 360 will increase
- 8.Milk and chocolate chip cookies are complementary goods. If the price of milk decreases what will happen to the quantity demanded for chocolate chip cookies?
- A.
The quantity demand for cookies will decrease
- B.
The quantity demand for cookies will not change
- C.
The quantity demand for cookies will increase
- 9.Demand is ________ when a change in price leads to a relatively larger change in the quantity demanded. On the other hand, demand is __________ when a change in price leads to a relatively smaller change in the quantity demanded.
- A.
Increasing; decreasing
- B.
Decreasing; increasing
- C.
Elastic; inelastic
- D.
Inelastic; elastic
Questions: 25 | Attempts: 322 | Last updated: Nov 7, 2017
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Sample QuestionThis occurs when an increase in price decreases a consumer's real income, making that consumers feel poorer.
Questions: 25 | Attempts: 128 | Last updated: Jul 30, 2011
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Sample QuestionThe MMS KPI's defined for Demand Planning are:(You can select more than one answer) (MMS: Minimum Mandatory Standards, KPI: Key Performance Indicator)
Questions: 10 | Attempts: 99 | Last updated: Dec 14, 2016
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Sample QuestionIn relation to demand based stock levels, ____________ determines what items need to be stocked.
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