SHS Economics · Year 1
Market and Demand practice questions
The meaning of demand, the law of demand, the demand curve and schedule, and the factors that determine demand for goods and services.
20 questions in this topic: 6 recall, 9 applying skills and concepts and 5 strategic thinking. Every one carries a written explanation.
Sample questions
3 of 20 questions in this topic. Sign up to answer them and see the explanations.
- Question 1Skills & concepts
Cocoa is described as having "derived demand" mainly because
- ait is demanded not for its own direct use, but because it is used as an input to produce chocolate
- bcocoa can be used for many different purposes at once
- ccocoa is always bought together with another specific commodity
- dcocoa has no substitutes available in the market
- Question 2Skills & concepts
Land being demanded for farming, building sites, roads and playgrounds all at once is an example of
- acomposite demand, since the commodity is demanded for several different uses
- bjoint demand, since land must always be used together with another good
- ccompetitive demand, since farming and building compete for the same land
- dderived demand, since land is used to produce another commodity
- Question 3Recall
A market, in Economics, is best defined as
- aall the arrangements, formal and informal, that bring buyers and sellers together to exchange goods and services for a reward
- ba specific physical building where only food items are sold
- ca government office that regulates the prices of all commodities
- da place where only sellers, and no buyers, are present
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