Demand and Its Determinants
Economics ⇒ Markets and Price Determination
Demand and Its Determinants starts at 11 and continues till grade 12.
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See sample questions for grade 11
A consumer increases his demand for rice when his income falls. What type of good is rice for this consumer?
Define demand in economics.
Describe the effect of advertisement on demand.
Explain how future expectations of prices can affect current demand.
Explain the concept of 'ceteris paribus' in the context of the law of demand.
A consumer increases his demand for rice when his income falls. What type of good is rice for this consumer?
If the price of a good increases and total expenditure on the good also increases, what can you say about the price elasticity of demand?
If the price of petrol increases, what is likely to happen to the demand for cars? Explain.
Which of the following is a determinant of market demand but not of individual demand? (1) Price of the good, (2) Income of the consumer, (3) Population, (4) Tastes and preferences
Which of the following is an example of a Veblen good? (1) Salt, (2) Designer handbags, (3) Rice, (4) Wheat
Which of the following is an example of complementary goods? (1) Tea and coffee, (2) Pen and ink, (3) Bread and butter, (4) Shoes and socks
Which of the following is likely to have the most inelastic demand? (1) Salt, (2) Ice cream, (3) Shoes, (4) Mobile phones
Fill in the blank: The demand curve generally slopes ________ from left to right.
Fill in the blank: The demand for a commodity is a function of its price, price of related goods, income of the consumer, and ________.
Fill in the blank: The demand for a good is said to be ________ if a small change in price leads to a large change in quantity demanded.
Fill in the blank: The demand for a good that forms a very small part of the consumer's budget is generally ________ elastic.
State whether the following statement is true or false: 'A change in the price of a good leads to a shift in the demand curve.'
State whether the following statement is true or false: 'A fall in the price of a good always leads to an increase in its demand.'
True or False: An increase in the price of a substitute good will increase the demand for the given good.
True or False: Necessities tend to have inelastic demand.
