Econ

Econ

11th Grade

38 Qs

quiz-placeholder

Similar activities

Economic Review Part I

Economic Review Part I

9th - 12th Grade

35 Qs

Retail 2000 Chapter 1 Review

Retail 2000 Chapter 1 Review

9th - 12th Grade

40 Qs

Macroeconomic objectives and theory

Macroeconomic objectives and theory

10th - 12th Grade

39 Qs

EOPA REVIEW

EOPA REVIEW

11th - 12th Grade

33 Qs

Economics Quiz

Economics Quiz

11th Grade

35 Qs

ECONOMICS

ECONOMICS

11th Grade

39 Qs

Mixed bag

Mixed bag

11th - 12th Grade

33 Qs

Unit 3 Review-Circular Flow, Supply and Demand

Unit 3 Review-Circular Flow, Supply and Demand

9th - 12th Grade

43 Qs

Econ

Econ

Assessment

Quiz

Other

11th Grade

Medium

Created by

Haley Imel

Used 3+ times

FREE Resource

38 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is demand?

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

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?