Practice Demand Curve (3.4) - Microeconomics - IB 10 Individuals & Societies

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9 questions

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6 questions · about 4 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is the main concept of the demand curve?
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Think about how consumers react to different prices.
Question 2.
How does the law of demand define the relationship between price and quantity demanded?
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Recall the inverse relationship.
3Question 3.
What happens to demand when the price of a good increases?
- Demand increases
- Demand decreases
- Demand remains the same
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Consider the inverse relationship.
4Question 4.
True or False: The demand curve always slopes upwards.
- True
- False
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Think about price and quantity relationships.
Question 5.
If a new study shows that chocolate has health benefits, how will this affect the demand for chocolate? Explain using relevant economic concepts.
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Consider how consumer tastes and preferences play a role.
Question 6.
Analyze the effects of a major recession on the demand curve for luxury goods such as expensive cars and jewelry.
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Think about the relationship between income and spending.

5 more questions in this section. Enroll free to practise them all.