What are inferior goods?

Goods that gain demand when income falls

The exact definition of demand = The quantity of a product consumers are willing and...

ableto buy at different prices in a specified time period

Which of these is a factor of production?

Land, Capital, Entrepeneurship, Labour

What is likely to happen as a result of an increase in demand?

A rise in quantity, A rise in price

What are normal goods?

Goods that gain demand when income rises

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Markets, demand and supply

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Questions 12

Answers

1
What are complementary goods?
Goods with a inverse relationship
Goods that have joint demand
Goods that have no relationship at all
Goods that replace eachother
2
What are inferior goods?
Goods that lose demand when income falls
Goods that gain demand when income rises
Goods that gain demand when income falls
Goods that see no changes in demand from changes in income
3
What is the defintion of a substitute good?
a cheap good
a good that complements another
a competing good
an expensive good
4
The exact definition of demand = The quantity of a product consumers are willing and...
to buy at different prices in a specified time period
to sell at different prices in a specified time period
able to sell at different prices
ableto buy at different prices in a specified time period
5
What is the usual relationship between the price of a good and the quantity demanded of a good?
Direct
Inverse
There is no relationship
Exponential
6
Which of these goods would not be considered an inferior good?
Luxury Holidays
Supermarket own brand goods
Bullet beans
7
Which of these is not a factor of demand?
Income
Interest rates
Tastes and preferences
Improvements in technology
8
What may happen to the demand for shell petrol if the price of texaco petrol increases?
Demand will decrease
Demand will texaco petrol will increase
Demand will stay the same
Demand will increase
9
Which of these is a factor of production?
Land
Capital
Entrepeneurship
Labour
10
What is likely to happen as a result of an increase in demand?
A rise in quantity
A fall in price
A fall in quantity
A rise in price
11
What are normal goods?
Goods that gain demand when income rises
Goods that gain demand when supply redcuces
Goods that gain demand when income falls
Goods that are supplied more when income falls
12
Which of these are complementary goods to tea?
Sugar
Milk
Hot chocolate
Coffee

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