Price system, Demand – Meaning, Schedules, Curves, Laws - SS1 Economics Past Questions and Answers - page 1
1
Which of the following is a graphical representation of the relationship between the price of a good or service and the quantity demanded?
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A
Demand schedule
B
Supply schedule
C
Demand curve
D
Supply curve
2
According to the law of demand, what happens to the quantity demanded when the price of a good or service increases?
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A
It increases
B
It decreases
C
It remains the same
D
It depends on the good or service
3
What is meant by the term 'demand' in economics?
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A
The desire for a product or service
B
The ability to pay for a product or service
C
The willingness to pay for a product or service
D
The quantity of a product or service that consumers are willing and able to buy at a particular price
4
According to the law of demand, as the price of a good or service increases:
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A
The demand for the good or service increases
B
The demand for the good or service decreases
C
The demand for the good or service remains constant
D
The demand for the good or service becomes more elastic
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