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Eco Chapter 1-8

A colorful infographic showing the concepts of demand and supply in economics, featuring graphs, fruits, and laptops, with a background that represents a vibrant market.

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

18 Questions4 MinutesCreated by AnalyzingMarket101

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 two factors that affect demand demand for chocolates

Tastes

Income

Cost of production

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

Excess supply is when

Demand is more than supply

Supply is more than demand

Demand = supply

Excess demand of cakes may occur at

Christmas, Eid, and other holidays

Every month

Never

Always

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

A complement for laptops are

Keyboards

Head phones

TVs

Cell phones

If price of a subsitute an item goes up then the demand for that item

Decreases

Increases

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

Fixed supply is when

Demand can not be increased

Supply can be increased

When supply can not be increased

An example of something in fixed supply is

Picasso paintings

Strawberries

TVs

Cars

A fixed supply graph is completely

Sloping up

Sloping down

Vertical

Horizontal

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