Supply and Demand Test

Supply and Demand Test

Assessment

Flashcard

History

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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40 questions

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1.

FLASHCARD QUESTION

Front

Which of the following best describes the Law of Demand? Options: As price goes down, demand goes down. (and vice versa)., As price goes down, demand goes up (and vice versa)., As demand goes down, supply goes up., As demand goes up, price becomes elastic.

Back

As price goes down, demand goes up (and vice versa).

2.

FLASHCARD QUESTION

Front

A change in demand is shown

Back

with a new demand curve above or below the original demand curve

3.

FLASHCARD QUESTION

Front

A change in quantity demanded is shown

Back

at various points on the demand curve

4.

FLASHCARD QUESTION

Front

Consuming more of one good because of a change in price of another good is known as the

Back

substitution effect

5.

FLASHCARD QUESTION

Front

This occurs when you feel like you have less money when the price of a good rises.

Back

Income Effect

6.

FLASHCARD QUESTION

Front

A table that lists the quantity of a good that a single person will buy at each price in a market.

Back

demand schedule

7.

FLASHCARD QUESTION

Front

The demand curve always slopes

Back

down and to the right

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