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MCQ: surplus, utility, derived demand, demand curve

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Question 11: Surplus is a condition of:

1.excess supply

2.a deficiency in supply

3.market equilibrium

4.excess demand

Question 12 : The effect on sales of an increase in price is a decrease in:

1.the quantity demanded

2.demand

3.supply

4.the quantity supplied

Question 13: The quantity of product X supplied can be expected to rise with a fall in:

1.Prices of competing products

2.price of X

3.energy savings technical charge

4.input prices

Question 14: Derived demand is directly determined by

1.utility

2.the profitability of using inputs to produce output

3.the ability to satisfy consumer desires

4.personal consumption

Question 15: A demand curve expresses the relation between the quantity demanded and

1.income

2.advertising

3.price

4.all of the above

Question 16: Change in the quantity supplied reflects a :

1.change the price

2.switch from one supply curve to another

3.change in one or more non-price variables

4.shift in supply

Question 17: Utility is measured by:

1.wealth

2.price

3.value or worth

4.income

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Solution Summary

Multiple Choice Questions on surplus, utility, derived demand, demand curve etc have been answered and explained.

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Question 11 : Surplus is a condition of:

1. excess supply
2. a deficiency in supply
3. market equilibrium
4. excess demand

Answer: 1. excess supply

Surplus is excess supply. Shortage is excess demand

Question 12: The effect on sales of an increase in price is a decrease in:

1. the quantity demanded
2. demand
3. supply
4. the quantity supplied

Answer: 1. the quantity demanded

Question 13 ...

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