Eco Chapter 1-8
Eco Knowledge Quiz: Demand and Supply
Test your understanding of the fundamental concepts of demand and supply with our engaging quiz! Dive into various aspects influencing markets, consumer behavior, and price elasticity.
Challenge yourself with questions that cover:
- The mechanics of supply and demand
- Factors affecting market dynamics
- Elasticity of goods and services
The amount of a good that will be bought at given prices over a period of time.
Supply
Demand
Both
The amount of a good that sellers are prepared to sell at given prices over a period of time.
Supply
Demand
Both
Choose one factos that affects demand demand for laptops
Cost of production
BYOD policies at schools
Seasons
Subsidies
Choose a factor that does NOT affect SUPPLY of apples
Cost of production
Natural Factors
Changes in technology
Awareness of health benefits
Choose a factor that affects SUPPLY of strawberries
Weather
Demographics
Health benefits
Tastes and preferences
The demand for an inferior good goes up when
Income goes down
Incomes goes up
It has no link to income
When prices goes up
If a good has an elasticity of of -0.5 then it is said to be
Elastic
Inelastic
Perfectly elastic
Perfectly inelastic
If a good has an elasticity of 1.5 then it is said to be
Inelastic
Perfectly elastic
Perfectly inelastic
Elastic
Which of the following is NOT a factor that affects price elasticity of demand PES
Proportion of income spent on a good
Time period spent on looking for substitutes
Degree of necessity
Fashion
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