Year 10 Economics: Week 5 Quiz

Year 10 Economics: Week 5 Quiz

10th Grade

11 Qs

quiz-placeholder

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Year 10 Economics: Week 5 Quiz

Year 10 Economics: Week 5 Quiz

Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Hard

Created by

James LAWRENCE

Used 36+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand says that when the price of a product rises, the quantity demanded decreases. Why do people buy fewer CDs if the price of a CD rises? 

When the price rises, people get less pleasure from listening to music
If CDs become more expensive, people switch to relatively less expensive alternative goods, such as cassette tapes
Higher prices just turn people off
Because CDs are a normal good

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market demand curves are obtained by

determining the price each consumer is willing to pay for the good & summing those prices across all consumers
observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph
summing the quantities every consumer is willing to buy at each different price
observing the behavior of an individual consumer in a market

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A demand curve illustrates the

differences in price charged by different stores.
quantities demanded at each price by consumers.
differences in demand for different products.
products that are most in demand.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Substitutes are goods

that are bought and used together.
used in place of one another.
that cannot be replaced.
that cause a shift in the demand curve.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A drop in price will

increase the quantity demanded of goods.
decrease the quantity demanded of goods.
not affect the quantity demanded of goods.
change the law of demand.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When factors other than price cause demand to fall, the demand curve

does not shift.
shifts to the left.
shifts upward.
shifts to the right.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would NOT cause a demand curve to shift?

a change in a consumer's income level
a change in population
a change in a consumer's expectations
a change in the price of a product.

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