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Multiple-choice questions:
‘Substitutes’ are:
- goods which are bought as alternatives to the good in question;
- goods which are bought in conjunction with the good in question;
- goods which are surplus to requirements;
- goods which you buy more of as their price rises;
- none of the above.
Which of the following will not cause a shift in the demand curve for new houses?
- a rise in incomes of potential buyers;
- a discount of £10,000 on the price of new houses;
- a fall in private sector rents;
- a rise in council rents;
- a fall in the popularity of home ownership.
The desire to buy a good backed by the ability to do so, is:
- perverse demand;
- a demand schedule;
- a demand curve;
- total demand;
- effective demand.
Normally, as the price of a commodity is lowered, :
- a greater quantity will be supplied;
- the same quantity will be supplied;
- its utility increases;
- the same quantity will be demanded;
- a greater quantity will be demanded.
A shift of a demand curve could be caused by:
- a rise in the price of factors of production;
- a rise in price;
- a fall in price;
- a change in a factor affecting supply;
- a change in a factor affecting demand.