Economics Supply and Demand

Economics Supply and Demand

9th - 12th Grade

25 Qs

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Economics Supply and Demand

Economics Supply and Demand

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Michael Strycker

Used 13+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The desire to have a good or service and have the ability to pay for it is called...

(R/N #2-1)

Supply

Elasticity

Demand

Subsidy

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

"When prices fall, demand increases"

This is known as...

(R/N #2-1)

The Law of Demand

The Law of Supply

The Rule of Law

The Law of Price

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The only real difference between an individual schedule and a market schedule is...

(R/N #2-1)

Price

Quantity

Demand

Supply

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A demand curve slopes downward because of....

(R/N #2-2)

The Substitution Effect

The Income Effect

Market Demand Curves

Law of Diminishing Marginal Utility

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The term used for a change in the amount of a product that a consumer will buy because the purchasing power of his or her income changes

(R/N #2-2)

Law of Supply

Income Effect

Substitution Effect

Minimum Wage

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The pattern of behavior that occurs when consumers react to a change in price of a good or service by buying a substitute product

(R/N #2-2)

Substitute Effect

Law of Diminishing Marginal Utility

Income Effect

Market Demand

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

When the use of one product increases the use of another product, then the two products are called...

(R/N #2-3)

Substitutes

Inelastic

Shortage

Complements

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