Category: Economics

Which of the following statements is correct?

Select ONE answer:

1. A change in demand and change in quantity demanded means the same thing.
2. A change in demand means a shift in the demand curve while a change in the quantity demanded means a movement along the demand curve.
3. A change in demand means a movement along the demand curve.
4. A change in the quantity demanded means a shift in the demand curve.

What is meant by “a substitute good”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 2

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Georgina buys more sweaters when her income increases. For Georgina, sweaters are a …….?
Select ONE answer:

1. Inferior good
2. Normal good
3. Substitute
4. Compliment

What is meant by “an inferior good”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

If the price of a DVD player falls, then in the market for DVDs (which is a compliment) …….?

Select ONE answer:

1. The demand curve for DVDs would shift rightward.
2. There would be a movement upward along the demand curve for DVDs.
3. The demand curve for DVDs would shift leftward.
4. There would be a movement downward along the demand curve for DVDs.

What is meant by “a complementary good”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 1

This work is licensed under a Creative Commons Attribution 4.0 International License.

If the price of chicken falls, then in the market for beef (which is complimentary) …….?

Select ONE answer:

1. The demand curve for beef would shift rightward.
2. There would be a movement downward along the demand curve for beef.
3. The demand curve for beef would shift leftward.
4. There would be a movement upward along the demand curve for beef.

What is meant by “a normal good”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 3

This work is licensed under a Creative Commons Attribution 4.0 International License.

The observation that the demand curve for grape jelly shifted rightward every time the price of peanut butter fell means that grape jelly and peanut butter are?

Select ONE answer:

1. Complements
2. Substitutes
3. Normal goods
4. Inferior goods

What is meant by “the substitution effect”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 1

This work is licensed under a Creative Commons Attribution 4.0 International License.