Ch. 4: Demand

Ch. 4: Demand

12th Grade

14 Qs

quiz-placeholder

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Ch. 4: Demand

Ch. 4: Demand

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Michael Laubacher

Used 3+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic term is defined as the desire to have a good or service and the ability to pay for it?

complement

demand

elasticity

substitute

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following restates the law of demand?

When prices go down, demand increases; when prices go up, demand decreases.

When prices go up, demand increases; when prices go down, demand decreases.

When prices go down, quantity demanded increases; when prices go up, quantity demanded decreases.

When prices go up, quantity demanded increases; when prices go down, quantity demanded decreases.

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What is a demand schedule?

a. a table showing how much of a product an individual is willing and able to buy

b. a table showing how much of a product a market is willing and able to buy

c. a graph showing how much of a product an individual is willing and able to buy

d. a graph showing how much of a product a market is willing and able to buy

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What is a demand curve?

a. a table showing how much of a product an individual is willing and able to buy

b. a table showing how much of a product a market is willing and able to buy

c. a graph showing how much of a product an individual is willing and able to buy

d. a graph showing how much of a product a market is willing and able to buy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a market demand curve show?

the effect of market research on consumer purchases

the sum of all the individual demand curves in a market

the sum of all the market demand schedules in a community

the effect of advertising on consumers on a market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following outside forces affect your demand for products?

Economic conditions

Personal preferences

Company policies

Product quality

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a substitute and the substitution effect?

A substitute is a good that can be used in place of another, while the substitution effect is the change in consumption resulting from a change in relative prices.

A substitute is a change in consumption resulting from a change in relative prices, while the substitution effect is a good that can be used in place of another.

A substitute and the substitution effect are the same, both referring to goods that can be used in place of another.

A substitute and the substitution effect are the same, both referring to changes in consumption resulting from a change in relative prices.

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