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Commerce / Business — Tanzania Economics — practice by topic

Browse 29 questions across 3 Economics topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Economics topics

Demand and Supply (29)Economics (29)Microeconomics (29)

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Petrol prices rise and drivers start carpooling. The quantity demanded therefore:Read the answer and worked solution →That inverse link between price and quantity demanded is called the law of:Read the answer and worked solution →Because higher prices cut quantity demanded, the demand curve slopes:Read the answer and worked solution →The amount producers are willing to bring to market at each price is called:Read the answer and worked solution →

Worked practice questions

Petrol prices rise and drivers start carpooling. The quantity demanded therefore:

  1. Falls
  2. Rises
  3. Holds
  4. Jumps
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Correct answer: A. Falls

1. A higher price makes buyers look for ways to use less. 2. Carpooling is exactly such a way. 3. So the quantity demanded falls. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

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That inverse link between price and quantity demanded is called the law of:

  1. Discount
  2. Demand
  3. Descent
  4. Density
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Correct answer: B. Demand

1. Price up, quantity down; price down, quantity up. 2. Economists give that regular pattern a name. 3. It is the law of demand. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

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Because higher prices cut quantity demanded, the demand curve slopes:

  1. Downward
  2. Upward
  3. Outward
  4. Inward
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Correct answer: A. Downward

1. Price sits on the vertical axis and quantity on the horizontal. 2. As you move right, price must fall for quantity to rise. 3. So the curve slopes downward from left to right. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

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