EconomicsDemand Economics

Understanding Economic Forces on Demand Quiz

Test your knowledge on demand economics with these 12 questions covering determinants, elasticity, and more. Dive in now!

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#1

Which of the following is NOT a determinant of demand?

Price of the product
Income of the consumer
Cost of production
Taste and preferences of consumers
1 answered
#2

What is the law of demand?

As price decreases, quantity demanded decreases
As price decreases, quantity demanded increases
As price increases, quantity demanded decreases
As price increases, quantity demanded increases
1 answered
#3

What happens to demand when the price of complementary goods increases?

Demand increases
Demand decreases
No change in demand
Demand becomes elastic
1 answered
#4

Which of the following is an example of a substitute good?

Butter and bread
Peanut butter and jelly
Coffee and tea
Pizza and soda
#5

Which of the following is NOT a type of elasticity of demand?

Price elasticity of demand
Income elasticity of demand
Cross-price elasticity of demand
Production elasticity of demand
#6

What does a price elasticity of demand of 0.5 indicate?

Elastic demand
Inelastic demand
Unitary elastic demand
Perfectly elastic demand
#7

What does a negative cross-price elasticity of demand indicate?

The goods are substitutes
The goods are complements
The goods are normal
The goods are inferior
#8

Which of the following is NOT a shift factor of demand?

Change in consumer income
Change in the price of the product
Change in consumer preferences
Change in the price of related goods
#9

What is the income elasticity of demand for inferior goods?

Positive
Negative
Zero
Undefined
#10

Which of the following is NOT a factor affecting the price elasticity of demand?

Availability of substitutes
Necessity of the good
Time horizon
Income level
#11

What does a price elasticity of demand of infinity indicate?

Perfectly elastic demand
Unitary elastic demand
Inelastic demand
Perfectly inelastic demand
#12

Which of the following statements is true regarding perfectly inelastic demand?

The quantity demanded changes infinitely with price changes
The quantity demanded remains constant regardless of price changes
The percentage change in quantity demanded is equal to the percentage change in price
The demand curve is horizontal
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