Quiz

Quiz: Consumer Income Levels and Demand

Pearson Edexcel Level 1/Level 2 GCSE (9-1) in Business (1BS0)

11 Steps9 Questions

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Building on what you've learned about external influences, let's test your understanding of how consumer income levels affect demand!

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What happens to demand for luxury goods when consumer income increases?

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Which types of goods are likely to see increased demand when consumer income rises? (Select all that apply)

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When consumer income decreases, demand for {{blank0}} goods often increases, as people look for cheaper alternatives.

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Multi-SelectInteractive

Which of the following factors influence demand besides consumer income levels? (Select all that apply)

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Multiple ChoiceInteractive

Which income level is most likely to increase demand for inferior goods?

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Demand for {{blank0}} goods is unaffected by changes in consumer income because they are necessary for daily life.

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