Unit 2 Test

Unit 2 Test

12th Grade

•

35 Qs

quiz-placeholder

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Unit 2 Test

Unit 2 Test

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Medium

Created by

Ryan Boyette

Used 13+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For most products and services, an increase in price results in what reaction for demand?

Demand for fewer products

Demand for more products

reduced demand of substitutes

increased demand for compliments

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of milk increases, this will cause a decrease in the demand for cereal, this is because the products are what?

Substitutes

Compliments

Elastic

Unrelated

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers' willingness to replace a costly item with a less costly item is an example of what?

The substitute effect

The income effect

Demand elasticity

Complements

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When customers' need for a product is not urgent, demand tends to be what?

Inelastic

Elastic

Complementary

Unit elastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because a price change has little to no effect on demand, the product is considered?

Complementary

Elastic

Inelastic

Unit Elastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to this graph, what would the demand (in gals) of gas if the price was set at $3.50

40

70

90

60

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to the graph, what was the demand for chocolate at the price of $0.80 BEFORE it became popular?

100

500

400

200

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