What is demand?

Econ

Quiz
•
Other
•
11th Grade
•
Medium
Haley Imel
Used 3+ times
FREE Resource
38 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The desire to own something but does not have the ability to pay for it.
When a consumer buys more of a good.
The desire to own something and the ability to pay for it.
When the price decreases and the consumer buys more of it.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
Consumers buy more of a good when its price decreases and less when its price increases.
Consumers buy less of a good when its price increases.
When the price goes up more people want to buy it.
Producers buy more of a good when its price decreases and less when its price increases.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the substitution effect?
When the price of a good goes down, consumers buy less of that good and more of another good
When the price of a good goes down, consumers buy more of that good and less of another good
When the price of a good goes up, consumers buy more of that good and less of another good
When the price of a good goes up, consumers buy less of that good and more of another good
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the income effect?
the change in income resulting when a price increases causes real consumption to decline
the change in consumption resulting when a price increases causes real income to decline
the change in consumption resulting when a price increases causes real income to increase
the change in consumption resulting when a price decline causes real income to decline
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is demand schedule?
A table that lists the quantity of a good that a firm will purchase at various prices in the market
A table that lists the quantity of a good that a producer will purchase at various prices in the market
A table that lists the quantity of a good that a consumer will purchase at various prices in the market
A table that lists the quantity of a good that a person will purchase at various prices in the market
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you create and read a demand curve?
Graph of a demand schedule; reflects of rule demand
Graph of a demand schedule; reflects of law demand
Graph of a demand curve; reflects of law demand
Graph of a schedule; reflects of law demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is center is paribus
Used to qualify how demand would be changed if only prices are affected; "All other things held constant"
Used to figure out how demand would be affected if only prices changed; "All other things held constant"
Used to qualify how demand would be affected if only prices changed; "All other things held constant"
Used to qualify how demand would be affected if only prices changed
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