Which economic term is defined as the desire to have a good or service and the ability to pay for it?
Ch. 4: Demand

Quiz
•
Social Studies
•
12th Grade
•
Hard
Michael Laubacher
Used 3+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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