
ECON: Demand
Quiz
•
Social Studies
•
12th Grade
•
Medium
Bradley Tyler-Clark
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The law of demand states that
consumers will buy more when a price increases.
price will not influence demand.
consumers will buy less when a price decreases.
consumers will buy more when a price decreases.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If the price of a good rises and income stays the same, what is the effect on demand?
The prices of other goods drop.
Fewer goods are bought.
More goods are bought.
Demand stays the same.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The ___________________ occurs when consumers react to an increase in a good’s price by consuming less of that good and more of other goods.
substitution effect
income effect
demand schedule
market demand schedule
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Ceteris paribus is a Latin phrase economists use meaning “all other things held constant.”
“all other things held constant.”
"all things are in constant change."
"all things are ever changing."
"all things will never be the same."
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of these factors can lead to a change in demand?
income
consumer expectations
population
all of these
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
_______________ are two goods that are bought and used together.
Substitutions
Complements
Conversions
Subversion
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following statements is accurate?
When two goods are complementary, increased demand for one will cause decreased demand for the other.
When two goods are complementary, increased demand for one will cause increased demand for the other.
If two goods are substitutes, increased demand for one will cause increased demand for the other.
A drop in the price of one good will cause increased demand for its substitute.
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