Law Of Demand Quiz Questions With Answers
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Looking for the law of demand practice quiz questions with answers? You have reached the right place. Take this quiz and test your knowledge regarding demand-supply. Law of demand is a basic principle of economics. This quiz is designed to check your understanding 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. So, play this demand quiz and make your memory sharp.
- 1.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.______________ 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?- A.
An increase in demand
- B.
A decrease in demand
- C.
Slightly increase in demand
- D.
Saturation point
- 4.
What kind of shift in Demand does this graph show?
- A.
An increase in demand
- B.
A decrease in demand
- C.
Slightly decrease in demand
- D.
Saturation point
- 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
- D.
The quantity demand for XBOX 360 will reach at a saturation point
- 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
- D.
The quantity demand for cookies will reach at a saturation point
- 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
- 10.Increase in demand can occur due to which of the following?
- A.
Increase in price of the substitutes
- B.
Increase in income of the consumer
- C.
Decrease in price of the complementary good
- D.
All of these
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