Lesson 2.2.1
2.2.1 Demand, the demand curve and its shifts Quiz: OCR Economics, Unit 2
20 questions
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Lesson 2.2.1, Demand, the demand curve and its shifts: 20 multiple choice questions for the OCR Economics (H460), Unit 2: The role of markets, written with Revision Ninja.
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The 20 questions
-
What fundamental relationship does the law of demand describe between price and quantity demanded?
- Inverse relationship
- Direct relationship
- Constant relationship
- Exponential relationship
-
What causes a movement along an existing demand curve rather than a shift?
- Income change
- Taste change
- Population change
- Price change
-
Which economic concept explains why individual marginal benefit decreases as consumption of a good rises?
- Diminishing marginal utility
- Increasing marginal cost
- Economies of scale
- Opportunity cost
-
If the price of coffee increases, what happens to the demand curve for tea?
- Extends downward
- Shifts right
- Contracts upward
- Shifts left
-
If the price of printer ink increases significantly, what happens to demand for printers?
- Demand shifts right
- Quantity demanded expands
- Quantity demanded contracts
- Demand shifts left
-
How is a good classified if demand for it increases as consumer incomes rise?
- Normal good
- Inferior good
- Public good
- Giffen good
-
What happens to the demand curve for an inferior good when consumer incomes rise?
- Shifts left
- Extends downward
- Shifts right
- Remains unchanged
-
What type of demand describes the demand for steel driven by car production?
- Competitive demand
- Composite demand
- Joint demand
- Derived demand
-
What type of demand exists when land is demanded for both housing and farming?
- Derived demand
- Joint demand
- Composite demand
- Complementary demand
-
Which term describes two goods that are demanded together, such as smartphones and chargers?
- Joint demand
- Composite demand
- Derived demand
- Competitive demand
-
How is a total market demand curve constructed from individual consumer demand curves?
- Percentage addition
- Vertical summation
- Horizontal summation
- Multiplicative average
-
What does the area between the market demand curve and the market price line represent?
- Deadweight loss
- Total revenue
- Producer surplus
- Consumer surplus
-
What term describes a movement up and along the demand curve caused by a price rise?
- Shift left
- Extension of demand
- Decrease in demand
- Contraction of demand
-
What occurs along the demand curve when the price of a product falls, ceteris paribus?
- Shift right
- Extension of demand
- Contraction of demand
- Increase in demand
-
Which effect describes how a price reduction increases a consumer's real purchasing power?
- Substitution effect
- Elasticity effect
- Income effect
- Scale effect
-
Which effect occurs when consumers replace a relative price-increased good with cheaper alternatives?
- Multiplier effect
- Income effect
- Price effect
- Substitution effect
-
What rare type of good breaks the law of demand by having an upward-sloping demand curve?
- Giffen good
- Normal good
- Demerit good
- Superior good
-
Market price is £10. A consumer is willing to pay £15. What is their consumer surplus?
- £25
- £5
- £15
- £10
-
What type of luxury good sees increased demand as price rises due to conspicuous consumption?
- Inferior good
- Merit good
- Veblen good
- Public good
-
What happens to the demand curve for a normal good when a successful advertising campaign occurs?
- Movement along down
- Shifts to left
- Shifts to right
- Movement along up
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