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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to demand when the price of a commodity decreases?
💡 Hint: Think about the inverse relationship.
Question 2
Easy
Give one example of a normal good.
💡 Hint: Think about what people buy more of when they have more money.
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 commodity increases?
- It increases
- It decreases
- It stays the same
💡 Hint: Remember the inverse relationship between price and demand.
Question 2
True or False: If consumer income increases, demand for inferior goods increases.
- True
- False
💡 Hint: Consider how income affects purchasing choices.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A sudden rise in avocado prices has led to decreased sales numbers for guacamole. How would you explain this using the concepts of substitute goods?
💡 Hint: Think about consumer choices when prices change.
Question 2
Analyze how predictions about an impending recession might affect consumer demand for luxury cars.
💡 Hint: Consider how economic forecasts impact spending habits.
Challenge and get performance evaluation