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Chapter 3 Vocab Quiz

Authored by Devonte Britt

Social Studies

10th - 12th Grade

Used 31+ times

Chapter 3 Vocab Quiz
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50 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The desire to own something and the ability to pay for it

Demand

Law of demand

Substitution effect

Income effect

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Consumers will buy more of a good when its price is lower and less when its price is higher

Demand

Law of demand

Substitution effect

Income effect

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good.

Demand

Law of demand

Substitution effect

Income effect

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The change in consumption that results when a price increase causes real income to decline

Demand

Law of demand

Substitution effect

Income effect

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A table that lists the quantity of a good that a person will purchase at various prices in a market

Demand schedule

Market demand schedule

Demand curve

Ceteris paribus

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A table that lists the quantity of a good all consumers in a market will buy at each different price

Demand schedule

Market demand schedule

Demand curve

Ceteris paribus

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Graphic representation of a demand schedule

Demand schedule

Market demand schedule

Demand curve

Ceteris paribus

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