
Demand Review
Quiz
•
Social Studies
•
12th Grade
•
Medium
Blake Schaub
Used 13+ times
FREE Resource
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean to have an Elasticity of demand greater than 1
Demand is Inelastic
Demand is Elastic
Demand is Unit Elastic
Demand is Static
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the Following might be reasons why demand would be Elastic.
Many Substitutions
Few Substitutions
Luxury Good
Both Luxury and Many Subs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is Insulin have inelastic demand?
There are many substitutions for it
People need it to survive
There are no substitutions for it
No Subs and people need it to survive
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When Total Revenue increases after a price increase then a good or service has:
Elastic Demand
Inelastic Demand
Unit Elastic Demand
None of the Above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of Demand states that when:
Prices increase Quantity demanded increases
Prices fall Quantity demanded falls
Prices rise Quantity demanded falls
There is no correlation between price and quantity demanded
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Price can never change
Quantity demanded
Demand
Quantity Supplied
None of the Above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following causes a movement along the demand curve?
Change in Income
Expectations of price changes
Price today
Change in the price of a goods complement
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