Demand Review

Demand Review

12th Grade

20 Qs

quiz-placeholder

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Demand Review

Demand Review

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Blake Schaub

Used 13+ times

FREE Resource

20 questions

Show all answers

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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