ECO (4.1A) Demand Part 1 Quiz

1. The part of economic theory that deals with behavior & decision-making by small units, such as individuals & businesses, is called what?

• subeconomics
• microeconomics
• supraeconomics
• macroeconomics

2. The various amounts of a product that someone is willing and able to buy over a range of possible prices at one point in time is called what?

• supply
• economics
• profit
• demand

3. If Demand increases, the demand curve shifts:

• to the right
• to the left
• upward
• downward

4. According to the Law of Demand, the demand for any product is _____ to the price of the product.

• equal
• directly proportional
• inversely proportional
• unrelated

5. What is the ONE THING that can cause a change in quantity demanded?

• a change in price of the product
• a change in the supply of the product
• a recession
• deflation

6. ____ refers to ONE PARTICULAR POINT on the demand curve.

• supply
• demand
• quantity supplied
• quantity demanded

7. ____ refers to the entire relationship between prices and the quantity of this product that people want at each of these prices.

• supply
• demand
• quantity supplied
• quantity demanded

8. Another name for a good or a service is a what?

• business
• profit
• product
• price

9. The part of economic theory that focuses on the economy as a whole & decision-making by large units, such as governments, is called what?

• subeconomics
• microeconomics
• supraeconomics
• macroeconomics

10. The monetary value of a product is called what?

• business
• profit
• production
• price