Intro to Econ C4
Intro to Economics Quiz
Test your knowledge of the fundamental concepts of economics with this engaging quiz! Covering various aspects of demand and supply, this quiz will help you understand key economic principles in a fun and interactive way.
Topics covered include:
- Demand Curves
- Market Supply
- Factors of Production
- Equilibrium Price and Quantity
Which of the following statements about demand curves is TRUE?
If price falls and quantity demanded increases, this is represented by a movement along a given demand curve.
If price falls and quantity demanded increases, this is represented by a shift of the demand curve.
If price falls and quantity demanded increases, this can be represented by either a movement along a given demand curve, or a shift of the demand curve.
None of the above are true
Which of the following is NOT a determinant of the DEMAND for good X?
The income of consumers who buy good X.
The cost of labor used to produce good X.
The price of good Y, a complement to X.
The number of buyers of good X.
Which of the following will result in a DECREASE in DEMAND (i.e., a leftward shift of the demand curve)?
An increase in income (if the good is normal).
A decrease in the price of a complement to the good.
An increase in the price of a substitute for the good.
None of the above.
The diagram below illustrates 3 possible demand curves for coconuts. Suppose that coconuts and pineapples are substitutes. If the price of pineapples increases, which of the following movements will represent the effect of this in the market for coconuts?
A to C.
A to B
B to A
B to E
Which of the following will NOT shift the market supply curve of good X
A change in the cost of inputs used to produce good X.
A change in the technology used to produce X
A change number of sellers of good X.
A change in the price of good X.
At a price of $8, there is:
Excess demand (a shortage) of 25 units.
Excess demand (a shortage) of 15 units.
Excess supply (a surplus) of 15 units.
Excess supply (a surplus) of 25 units
Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the price of good X is $4:
The quantity demanded will be less than 60 units
The quantity supplied will be more than 60 units
There will be an excess demand for good X
There will be an excess supply of good X
Which of the following would cause the demand curve for HATs to shift to the LEFT?
A) Wearing a hat becomes less fashionable
Bad weather
More hats are made
A national increase in wage rates
Which of the following is NOT a factor of production?
A fiction book read by an university student
A new computer used by a small business owner
A tractor used by a wheat farmer.
The time worked by elementary school teachers
An increase in the cost of raw materials is likely to lead to
A shift to the right of Demand
A shift to the left of Demand
A shift to the right of Supply
A shift to the left of Supply
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