Economics Intro Quiz
10 Questions
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This is a brief quiz on the basics of Economics.
Questions and Answers
- 1.Economics is an exact science.
- A.
True
- B.
False
- 2.According to the Law of Demand, "As price of the good or service increases demand for that product..."
- A.
Decreases
- B.
Increases
- C.
Remains the same
- 3.Peanut butter and jelly are two goods that are examples for:
- A.
Substitutes
- B.
Complements
- C.
Inferior goods
- 4.As the price of a good decreases the demand for its substitute:
- A.
Decreases
- B.
Increases
- C.
Remains the same
- 5.
- A.
The demand curve for hamburgers will shift to the left
- B.
The demand curve for hamburgers will shift to the right
- C.
The demand curve for hamburgers will remain the same
- 6.An example of substitutes are:
- A.
Peanut butter and jelly
- B.
Tires and cars
- C.
Pizza and tacos
- 7.The visual display of a demand schedule on a graph is called:
- A.
Demand curve
- B.
Supply curve
- C.
Law of demand
- D.
Law of supply
- 8.The demand curve illustrates the relationship between:
- A.
Price and supply
- B.
Price and substitutes
- C.
Price and quantity demanded
- D.
Price and income
- 9.An increase in a person's income level will cause that persons demand for normal goods to:
- A.
Shift to the right
- B.
Shift to the left
- C.
Remain the same
- 10.The law of supply states, "As the price of good increases the supply of that good..."
- A.
Increases
- B.
Decreases
- C.
Remains the same
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