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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to quantity demanded when the price of a good increases?
💡 Hint: Think of the Law of Demand relationship.
Question 2
Easy
Define 'normal goods'.
💡 Hint: Remember examples of products people buy more of when they earn more.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the Law of Demand?
- A direct relationship between price and quantity
- An inverse relationship between price and quantity
- No relationship between price and quantity
💡 Hint: Think about how buyers react to price changes.
Question 2
True or False: An increase in consumer income will always increase the demand for inferior goods.
- True
- False
💡 Hint: Consider how people shift their purchases with more income.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Assume the price of electric cars decreases significantly. Analyze how demand for both electric cars and gasoline cars would change, applying the concepts of substitutes and demand shifts.
💡 Hint: Use the concept of preferences when prices shift.
Question 2
Evaluate the impact of a recession on the demand for luxury and inferior goods. How do these categories react differently to changes in consumer income?
💡 Hint: Reflect on how spending habits change during financial strain.
Challenge and get performance evaluation