Unit Test Answers
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1
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Products whose demand rises when another product’s price increases are called
s
substitute goods.c
complementary goods.e
elastic goods.c
clearance goods.2
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The graph shows a demand curve.What does the data shown in this graph represent?
a
a decrease in quantity demanded as prices decreasea
an increase in price as quantity demanded decreasesa
a decrease in income as quantity demanded increasesa
an increase in quantity demanded as prices decrease3
An example of complementary goods would be
c
computers and printers.c
cars and trucks.s
sheets and towels.f
food and clothing.4
The law of demand applies most directly to which group?
A
buyers ✓ CorrectB
sellersC
producersD
lawmakers5
best
l
loss of incomel
loss of supplyd
distribution problemsm
market problems6
most
q
quantity.p
price.q
quality.c
competition.7
Consumer demand is defined as
A
how frequently the prices change.B
the willingness and ability people have to buy a good. ✓ CorrectC
how frequently the people are willing pay for something.D
how often people want something delivered.8
A demand curve shows how changes in
A
consumer demand affects income.B
prices affect the consumer demand. ✓ CorrectC
prices affect complementary goods.D
consumer demand affects substitute goods.9
The graph shows a demand curve.The graph shows the demand curve shifting from D (orange) to D₁ (blue), with the new curve located to the left of the original curve.Which statement best explains this change?
A
A decrease in quantity demanded caused by an increase in the product's price.A
A decrease in demand caused by a fall in income or a fall in the price of a substitue good.A
An increase in demand caused by higher consumer income.A
A movement along the demand curve caused by a price change.Did you find these answers helpful?
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