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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is meant by effective demand?
💡 Hint: Think about the difference between just wanting something and being able to purchase it.
Question 2
Easy
Name one factor that affects demand.
💡 Hint: Consider what might make someone decide to buy less of a product.
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 happens to demand when the price of a good increases?
- Increases
- Decreases
- Remains the same
💡 Hint: Remember how you react to price changes in everyday shopping.
Question 2
True or False: Higher production costs lead to an increase in supply.
- True
- False
💡 Hint: Think about the connection between costs and price settings.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Suppose the Government imposes a tax on luxury cars. Analyze the possible effects on supply and demand for these vehicles.
💡 Hint: Consider how taxes influence both producer and consumer behaviors.
Question 2
Consider a situation where consumer preferences shift significantly towards electric vehicles due to environmental concerns. Discuss the implications for traditional gasoline cars in terms of supply and demand.
💡 Hint: Think about how shifting societal values impact market dynamics.
Challenge and get performance evaluation