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True or False Quiz
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1
The term "demand" means the quantities that people would like to purchase at various prices.
A)True
B)False
2
A change in the price of a product has no effect on the demand for the same product.
A)True
B)False
3
An increase in the price of a product causes a decrease in the real income of consumers.
A)True
B)False
4
An increase in the price of a product leads to an increase in supply.
A)True
B)False
5
Equilibrium price implies that everyone who would like to purchase a product is able to.
A)True
B)False
6
Surpluses drive prices up; shortages drive prices down.
A)True
B)False
7
An increase in incomes will lead to a decrease in the demand for an inferior product.
A)True
B)False
8
A decrease in the demand for a product will lead to a decrease in both price and the quantity traded.
A)True
B)False
9
An increase in business taxes causes the supply curve to shift left.
A)True
B)False
10
A decrease in supply causes price to fall and the quantity traded to increase.
A)True
B)False





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