Consumer Demand Quiz Questions
This quiz will cover consumer demand, the factors that affect demand, and demand elasticity.
- 1.This occurs when an increase in price decreases a consumer's real income, making that consumers feel poorer.
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 2.For a ______________, a consumer's demand will increase as his or her income increases.
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 3.According to the ___________, when prices increase, demand will decrease. In addition, when prices decrease, demand will increase.
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 4.Two goods that are bought and used together are_____________
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 5.For a(n)____________, a consumer's demand will decrease as his or her income increases.
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 6.This measures how buyers will increase or decrease their demand for a good when the price increases or decreases.
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 7.This describes when consumers react to an increase in the price of one good by switching their demand to another similar good.
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 8.This is a graphic representation of an individual's or groups demand for a particular good.
- A.
Normal Good
- B.
Inferior Good
- C.
Law of Demand
- D.
Substitution effect
- E.
Demand Curve
- F.
Income effect
- G.
Elasticity of demand
- H.
Complements
- 9.A change in the quantity demanded (movement along the demand curve) is the result of a change in:
- A.
Number of people who live in an area
- B.
Income of people who live in an area
- C.
The price charged for a product
- D.
The amount spent on advertising
- 10.If a 2% change in the price of a product results in an 8% change in the quantity demanded of the product, then demand for the product is:
- A.
Elastic
- B.
Inelastic
- C.
Unitary elastic
- D.
Hormonal
- 11.If demanduct is elastic, then a price increase will cause the quantity demand for a product __________ and the product's total revenue to _________.
- A.
Fall/decline
- B.
Fall/increase
- C.
Increase/decline
- D.
Increase/increase
- 12.When people desire more of a product regardless of price there will be
- A.
Movement up the product's demand curve
- B.
A shift of the product's demand curve to the right (outward)
- C.
No shift and no movement on the curve
- D.
A shift of the product's demand curve to the left (inward)
- 13.Demand indicates how much of a product a consumer is _________________ to buy at a given price during a given period.
- A.
Are willing and able
- B.
Want and need
- C.
Like and desire
- D.
Are able to afford
- 14.When the elementary kids increased the price of the candy bars from $1.00 to $1.25 per bar, the sales per day fell from 100 to 80. What is the elasticity of demand for the candy bars. Calculate elasticity
- A.
.20
- B.
.80
- C.
1.0
- D.
.50
- E.
1.25
- 15.When the price of a "flat bill" increased from $30.00 to $45.00, Jordan's annual demand of hats decreased from 10 a year to only 5. Calculate elasticity and decide if the elasticity is:
- A.
Elastic
- B.
Inelastic
- C.
Unitary elastic
- D.
Jordan should start calling flat bills hats.
- 16.Zach's cell phone bill has increased in price by over 25% over the last 4 years but his demand for cell phone services has only increased. Zach's demand for cell phones is:
- A.
Elastic
- B.
Inelastic
- C.
Unitary elastic
- D.
A little scary
- 17.Catelyn's Hummer has been parked in the garage for the past 6 months because gas prices went over $4.50 a gallon, she now walks to school. Catelyn's demand for gasoline is:
- A.
Inelastic
- B.
Elastic
- C.
Unitary elastic
- D.
A little sad, so she gets a ride from Alli on her dirt bike.
- 18.When Sarah graduated from college she obtained an $65,000 a year job. For that reason she was able to fill up an entire room full of her favorite body lotion. That product is:
- A.
Normal good
- B.
Inferior good
- C.
Substitute good
- D.
Unbelievably good, I want to know want brand it is so I can purchase some myself.
- 19.Which of the following does NOT cause a shift in the demand curve?
- A.
A change in prices
- B.
A change in income
- C.
A change in tastes and advertising
- D.
A change in consumer expectations
- E.
A change in population
- 20.When the price of Converse increased from $50 to $55, Ariel decided to start buying airwalks. Airwalks are_____
- A.
Complimentary goods
- B.
Inelastic good
- C.
Substitute good
- D.
The best shoes ever
- 21.Which of the following factors affect elasticity:
- A.
Availability of substitutes
- B.
If it is a need or a luxury
- C.
How much time a consumer has to react to the price change
- D.
All of the above
- 22.For questions 22-25 Refer to the demand curve on the board. Which of the following points best represents the original demand curve
- A.
A
- B.
B
- C.
C
- D.
D
- E.
E
- F.
F
- 23.For questions 22-25 Refer to the demand curve on the board. Which of the following points best axis where quantity goes
- A.
A
- B.
B
- C.
C
- D.
D
- E.
E
- F.
F
- 24.For questions 22-25 Refer to the demand curve on the board. Which of the following points best represents the axis where price goes
- A.
A
- B.
B
- C.
C
- D.
D
- E.
E
- F.
F
- 25.What is the monthly quantity demanded of Subway foot long sandwiches at $4.00
- A.
5
- B.
10
- C.
15
- D.
20
- E.
25
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