Quiz: Inferior, Normal and Luxury Goods
WJEC Eduqas GCE A LEVEL in BUSINESS specification
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Building on your knowledge of markets and demand, this quiz will test your understanding of inferior, normal, and luxury goods!
Which of the following best describes a normal good?
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Which of the following are examples of luxury goods? (Select all that apply)
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An {{blank0}} good sees an increase in demand when consumers' incomes {{blank1}}.
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Match the items on the left with their correct pairs on the right
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What happens to the demand for luxury goods during an economic recession?
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If a consumer spends £50 on instant noodles (an inferior good) when earning £1,000 monthly, and spends £20 when earning £2,000 monthly, calculate the change in spending.
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A {{blank0}} good typically has a positive income elasticity greater than {{blank1}}.
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Match the items on the left with their correct pairs on the right
Which type of good has a negative income elasticity of demand?
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