Demand

Demand

12th Grade

•

54 Qs

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Demand

Demand

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Medium

Created by

Kolleen Madeck

Used 21+ times

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54 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

What is demand?

The desire to own something and the ability to afford it.
A graph that shows the quantity demanded at every price.
The usefulness of a product expressed in a dollar sign.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the Law of Demand?

As price goes down, demand goes down. (and vice versa).
As price goes down, demand goes up (and vice versa).
As demand goes down, supply goes up.
As demand goes up, price becomes elastic.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Demand "works" because of a combination of what two effects?

Substitution and Income Effects
Doppler and Lake Effects
The Ability and Desire Effect
The Substitution and Elasticity Effect

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in demand is shown

along the demand curve
with a new demand curve above or below the original demand curve
without a demand graph
with a totally vertical line

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in quantity demanded is shown

at various points on the demand curve
with a new demand curve drawn above or below the original demand curve
with a vertical line

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consuming more of one good because of a change in price of another good is known as the 

income effect
substitution effect
elasticity effect
demand effect

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This occurs when you feel like you have less money when the price of a good rises.

Income Effect
Substitution Effect
Demand Effect
Inflation Effect

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