Consumer Demand Quiz Questions

25 Questions | Total Attempts: 309

SettingsSettingsSettings
Please wait...
Demand Quizzes & Trivia

This quiz will cover consumer demand, the factors that affect demand, and demand elasticity.  


Questions and Answers
  • 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