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Grade 11 Economics
Grade 11 Economics
Grade 12 Economics
What effect does the availability of many good substitutes have on the elasticity of demand for a good?
  1. demand is unitary elastic
  2. demand is inelastic
  3. demand is elastic
  4. demand is not affected
Grade 12 Economics
A measure of how consumers react to a change in price.
  1. market demand
  2. individual demand
  3. elasticity of demand
  4. inelastic demand
Grade 11 Economics
When demand increases, the demand curve
  1. shifts to the left
  2. shifts to the right
  3. becomes smooth
  4. becomes steep
Grade 11 Economics
An inelastic demand curve
  1. is almost vertical
  2. is circular
  3. is almost horizontal
  4. cannot be illustrated on a graph
Grade 11 Economics
Substitute goods and complementary goods are known as
  1. elastic goods
  2. inelastic goods
  3. proportional goods
  4. related goods
Grade 11 Economics
When the demand for a product decreases due to changing consumer preferences, the demand curve
  1. shifts to the left
  2. shifts to the right
  3. remains constant
  4. goes upward
Grade 12 Economics
Grade 12 Economics
This is demand that depends on the demand of some other good or service.
  1. Equilibrium wage
  2. Collaborative demand
  3. Supplied demand
  4. Derived demand
Grade 11 Economics
At a price below equilibrium,
  1. demand exceeds supply
  2. supply exceeds demand
  3. supply and demand are equal
  4. supply and demand curves intersect
Grade 12 Economics
Grade 12 Economics
Grade 12 Economics
Demand is defined as
  1. desire to buy something
  2. willingness to buy something
  3. desire to sell something
  4. both a and b
  5. none of the above
Grade 12 Economics
The law of demand is
  1. The idea that consumers will buy less at a high price and more at low prices
  2. The idea that producers will make more of product when prices are high and make less when prices are low
  3. The idea that consumers will buy at high prices and less at low prices
  4. The idea that producers will make more of a product at lower prices and less at higher prices
Grade 12 Economics
What causes a change in the demand curve or a shift in demand?
  1. an increase in price
  2. a change in an area other than price
  3. a change in price and availability
  4. a decrease in price
Grade 11 Economics
Which method would be most appropriate for constructing a demand schedule?
  1. polling consumers
  2. polling wholesalers
  3. polling producers
  4. interviewing entrepreneuers
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