Quantity Demanded Vs Demand [NCEA Economics Level One + Two]

1.

Quantity Demanded: You must select three options.

A.

Supply to the extreme.
B.

Is the relationship between price and quantity demanded only.
C.

Is like a boss.
D.

Relates to a movement along the demand curve and a specific point on the demand curve.
E.

Requires a pHD to calculate
F.

If the price of a good or service changes, then we know we are dealing with a change in quantity demanded and a movement along the demand curve.

Correct Answer(s)
B. Is the relationship between price and quantity demanded only.
D. Relates to a movement along the demand curve and a specific point on the demand curve.
F. If the price of a good or service changes, then we know we are dealing with a change in quantity demanded and a movement along the demand curve.

Explanation
The correct answer options explain the concept of quantity demanded. It states that quantity demanded is the relationship between price and quantity demanded only, meaning that it is influenced by changes in price. It also mentions that quantity demanded relates to a movement along the demand curve and a specific point on the demand curve, indicating that changes in price lead to a change in quantity demanded at a specific point on the demand curve. Overall, the answer options provide a clear understanding of the concept of quantity demanded and its relationship with price and the demand curve.

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2.

Demand:

A.

There are countless factors that could affect an individual’s willingness and ability to purchase a good or service.
B.

Is something I wish I could do right now, but I don't have a job ahhhhh.
C.

Will result in a shift to the right or left.
D.

Rocks my world.
E.

Does not relate to the price of the good or service that is being demanded.

Correct Answer(s)
A. There are countless factors that could affect an individual’s willingness and ability to purchase a good or service.
C. Will result in a shift to the right or left.
E. Does not relate to the price of the good or service that is being demanded.

Explanation
The correct answer is "There are countless factors that could affect an individual’s willingness and ability to purchase a good or service." This statement is correct because demand is influenced by various factors such as income, price of related goods, consumer preferences, advertising, and many more. These factors can either increase or decrease the demand for a particular good or service.

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3.

Factors that affect demand:

A.

Changes in income.
B.

Changes in taxes.
C.

Changes in advertising.
D.

Changes in the price of substitutes.
E.

Changes in the price of complements.
F.

Changes in tastes and preferences.
G.

There are countless factors that affect demand [even the weather - in a storm, you will most likely demand an umbrella if you do not already have one]

Correct Answer(s)
A. Changes in income.
B. Changes in taxes.
C. Changes in advertising.
D. Changes in the price of substitutes.
E. Changes in the price of complements.
F. Changes in tastes and preferences.
G. There are countless factors that affect demand [even the weather - in a storm, you will most likely demand an umbrella if you do not already have one]

Explanation
The factors that affect demand include changes in income, taxes, advertising, the price of substitutes, the price of complements, and tastes and preferences. These factors can influence the quantity of a good or service that consumers are willing and able to buy. For example, an increase in income may lead to an increase in demand for luxury goods, while an increase in taxes may decrease disposable income and reduce demand. Changes in advertising can also impact consumer preferences and influence demand. Additionally, the price of substitutes and complements can affect the relative attractiveness of different products, thereby impacting demand. Overall, there are numerous factors that can affect demand, including external factors like weather conditions.

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4.

This is a decrease in demand.

A.

True
B.

False

Correct Answer
B. False

Explanation
The statement suggests that there is a decrease in demand. However, the correct answer is False, which means that there is not a decrease in demand. Therefore, the explanation for the correct answer is that the statement is incorrect and there is no decrease in demand.

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5.

This is an increase in demand.

A.

True
B.

False

Correct Answer
B. False

Explanation
The statement "This is an increase in demand" is false. The given statement does not provide any information about whether there is an increase or decrease in demand. It simply states that "This is an increase in demand," which is not supported by any evidence or context. Therefore, the correct answer is false.

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6.

This is a decrease in quantity demanded.

A.

True
B.

False

Correct Answer
A. True

Explanation
This statement is true because a decrease in quantity demanded refers to a situation where consumers are purchasing less of a particular good or service at a given price. It indicates a movement along the demand curve, caused by factors such as a price increase or a decrease in consumer income.

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Quantity Demanded Vs Demand [ncea Economics Level One + Two]

Quantity Demanded: You must select three options.

Demand:

Factors that affect demand:

This is a decrease in demand.

This is an increase in demand.

This is a decrease in quantity demanded.