Delve into the fundamental concepts of economics with our comprehensive collection of multiple-choice questions and answers on demand and supply. Whether you're a student studying economics, an aspiring economist, or simply intrigued by the forces shaping market dynamics, our repository offers invaluable insights. Explore topics such as demand determinants, supply factors, market equilibrium, elasticity, and the impacts of shifts in demand and supply on prices and quantities. Each multiple-choice question is meticulously crafted to challenge your understanding and ignite your curiosity about the dynamic interplay between demand and supply in various markets. From understanding the law of demand and the law of supply to mastering concepts like consumer surplus, producer surplus, and market efficiency, our MCQs provide a comprehensive exploration of the core principles of demand and supply. Start exploring today to deepen your understanding and gain insights into the forces driving economic decision-making and market behavior!
1. A change in which of the following alters buying plans for cars but does NOT shift the demandcurve for cars?
2. A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates
3. Which of the following would NOT shift the demand curve for turkey?
4. Which of the following is consistent with the law of demand?
5. The law of demand states that
6. Blank tapes and prerecorded tapes are substitutes in production. An increase in the price of a blank tape will cause
7. The law of demand implies that if nothing else changes, there is
8. Which of the following will shift the supply curve for good X leftward?
9. The quantity supplied of a good or service is the quantity that a producer
10. Which of the following does NOT shift the supply curve?
11. Which of the following causes an increase in the quantity supplied of good X but NOT in the supply of good X?
12. Because of increasing marginal cost, most supply curves
13. The law of demand implies that, other things remaining the same,
14. Which of the following pairs of goods are most likely substitutes?
15. The demand curve for a normal good shifts leftward if income ________ or the expected future price ________
16. Good A and good B are substitutes in production. The demand for good A increases so that theprice of good A rises. The increase in the price of good A shifts the
17. Wants, as opposed to demands,
18. A reduction in the price of a good
19. The quantity supplied of a good is
20. The demand for a good increases when the price of a substitute ________ and also increases whenthe price of a complement ________.
21. Most goods
22. Inferior goods are those for which demand increases as
23. Good A and good B are substitutes in production. The demand for good A decreases, which lowersthe price of good A. The decrease in the price of good A
24. An increase in the number of fast-food restaurants
25. A normal good is a good for which demand
26. An inferior good is a good for which demand
27. The law of demand states that the quantity of a good demanded varies
28. A supply curve differs from a supply schedule because a supply curve
29. As the opportunity cost of a good decreases, people buy
30. When we say demand increases, we mean that there is a
31. A decrease in quantity demanded caused by an increase in price is represented by a
32. People come to expect that the price of a gallon of gasoline will rise next week. As a result,
33. A drop in the price of a compact disc shifts the demand curve for prerecorded tapes leftward. From that you know compact discs and prerecorded tapes are
34. People buy more of good 1 when the price of good 2 rises. These goods are
35. By definition, an inferior good is a
36. A substitute is a good
37. Which of the following influences peoples buying plans and varies moving along a demand curve?
38. Which of the following is NOT held constant while moving along a supply curve?
39. The opportunity cost of good A in terms of good B is equal to the
40. A decrease in the quantity supplied is represented by a
41. If the price of a good changes but everything else influencing suppliers planned sales remainsconstant, there is a
42. The law of demand implies that demand curves
43. A change in the price of a good
44. The law of demand states that, other things remaining the same, the higher the price of a good, the
45. If a producer can use resources to produce either good A or good B, then A and B are
46. Suppose people buy more of good 1 when the price of good 2 falls. These goods are
47. The quantity demanded is
48. When economists speak of preferences as influencing demand, they are referring to
49. Over the past decade technological improvements that have lowered the cost of producing an automobile have increased
50. If a good is an inferior good, then purchases of that good will decrease when
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