24/11/2023, 11:06 Demand & Law of Demand
NAME:
CLASS:
Demand & Law of Demand
DATE :
15 Questions
1. The desire to have some good or service and the ability to pay for it
A quantity demanded B demand
C supply D equilibrium
2. Which of these best describes the law of demand?
there is no law of demand, each if prices go up, quantity demanded
A situation is unique and demand Band will also go up and if prices go down,
prices cannot be predicted quantity demanded will also go down
prices will go up for certain goods if prices go up, quantity demanded
C when quantity demanded goes up D will fall and if prices go down,
and vice versa quantity demanded will go up
3. A change in the price of a good causes people to buy more or less of an item. This
best describes the concept of
A change in quantity demanded B the demand curve
C change in demand D elasticity
4. The quantity demanded of a good or service changes at all price levels best
describes the concept of
A change in quantity demanded B change in demand
C elasticity D demand curve
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24/11/2023, 11:06 Demand & Law of Demand
5. Which of these shows a decrease in the quantity demanded?
A B
C D
6. Which of these shows an increase in the quantity demanded?
A B
C D
7. The diagram represents a
A decrease in demand B increase in demand
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24/11/2023, 11:06 Demand & Law of Demand
8. If the price of Frozen Yogurt increased then the demand
for ice cream will
A decrease B increase
9. The downward slope of a demand curve
shows that as the price of a good indicates how the quantity demanded
A rises, consumers increase the B changes when incomes rise and the good
quantity they demand is a normal good
represents the law of demand
indicates how demand changes when
C incomes rise and the good is a D
normal good
10. The phrase "a change in demand" most directly implies a
A movement along the curve B shift in the demand curve
movement along the price curve change in quantity demanded of a
C D
good
11. How is a decrease in the price of a good illustrated on a demand graph?
There is upward movement along The demand curve shifts to the left
A B
the demand curve
There is downward movement along The demand curve shifts to the right.
C D
the demand curve.
12. Ple start to drink good B. In this case,
When the price of good A rises, peo what
is good B considered?
A substitute good B normal good
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24/11/2023, 11:06 Demand & Law of Demand
C complementary good D luxury good
13. A decrease in the average incomes of consumers will result in which of the
following?
An increase in the demand for goods A decrease in the supply of goods
A B
and services and services
An increase in the supply of goods A decrease in the demand for goods
C D
and services and services
14. The law of demand states; thereINVERSE
is an relationship between price
and quantity demanded. Which of the following is not a true statement?
A Price goes up, demand goes down.
B All answers are correct.
Price goes up qty demanded goes Price goes down, qty demanded goes
C D
down. up.
15. What is the relationship between the Price and Quantity Demanded?
A Positive Relationship B Direct Relationship
C Inverse Relationship D Mixed Relationship
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