Econ Semester Review (Day 2)

Multiple Choice

shifting control to individual producers

• nationalization

• privatization

• invisible hand

• socialism

Multiple Choice

when there is a change in demand based on a change in price

• unit elastic

• elasticity of demand

• inelastic

• elastic

Multiple Select

Law of Demand (select all that apply)

• as price goes up, demand goes down

• as price goes down, so does demand

• as price goes up, so does demand

• As price goes down, demand goes up

Multiple Choice

a table that shows how much of a product all consumers are willing and able to buy at each price

• demand schedule

• demand curve

• market demand curve

• market demand schedule

Multiple Choice

The more one consumes a product of service, he or she will have less demand

• the law of increasing opportunity costs

• the law of demand

• the law of supply

• the law of diminishing marginal utility

Multiple Choice

which of the following is NOT a factor that changes demand

• marginal benefit

• market size

• substitutes

• consumer tastes

Multiple Choice

Price x Quantity =

• marginal utility

• profit

• total revenue

• opportunity cost

Multiple Choice

Demand Changes When Purchasing Power Changes

• income effect

• diminishing marginal utility

• substitution effect

• marginal cost

Multiple Choice

What does the slope of a demand curve demonstrate?

• law of supply

• law diminishing marginal utility

• law of increasing opportunity costs

• law of demand

Multiple Choice

a graph that shows how much of a product a consumer is willing and able to buy at each price

• demand schedule

• demand curve

• market demand curve

• market demand schedule