Economics: Chapters 4 & 5 Review

Economics: Chapters 4 & 5 Review

KG - University

40 Qs

quiz-placeholder

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Economics: Chapters 4 & 5 Review

Economics: Chapters 4 & 5 Review

Assessment

Quiz

Other

KG - University

Practice Problem

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Created by

Deda Rush

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally speaking, the lower the price, the greater the quantity demand.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer wants are the same as consumer demand.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The change in the relative price- the price of one good relative to the prices of other goods-causes the substitution effect.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand helps explain why people buy more when the price decreases.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve slopes upward, indicating that price and quantity are positively correlated. 

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elasticity of supply = Percentage change in quantity supplied  ÷ percentage change in price

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm faces two kinds of costs in the short run: fixed cost and variable cost.

True 
False

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