Supply & Demand Vocabulary Quiz

6 Questions | Total Attempts: 162

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Supply And Demand Quizzes & Trivia

This is a quiz that review the terms associated with Supply and Demand.


Questions and Answers
  • 1. 
    If a person buys the same amount of the good when income changes, the good is called a (n) ____________ 
    • A. 

      Inferior Good

    • B. 

      Normal Good

    • C. 

      Neutral Good

  • 2. 
    If a person's income and demand change in the same direction (both go up or both go down) then the good is called a (n) ________ 
    • A. 

      Normal Good

    • B. 

      Inferior Good

    • C. 

      Neutral Good

  • 3. 
    If income and demand go in different directions (one goes up, while the other goes down), the good is called a (n) _________ 
    • A. 

      Normal Good

    • B. 

      Inferior Good

    • C. 

      Neutral Good

  • 4. 
    Two goods are considered _________ when theyare consumed together. 
    • A. 

      Complements

    • B. 

      Substitutes

    • C. 

      Normal Goods

  • 5. 
    An example of _________ would be, if the price of coffee increases, the demand for tea increases. 
    • A. 

      Complements

    • B. 

      Substitutes

    • C. 

      Inferior Goods

  • 6. 
    This law states that, as the price of a good increases, the quantity demanded decreases. 
    • A. 

      Law of Inelasticity

    • B. 

      Law of Supply & Demand

    • C. 

      Law of Consuming

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