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Ch 4 Demand quiz

Authored by Daniel Leritz

Social Studies

11th - 12th Grade

15 Questions

Used 24+ times

Ch 4 Demand quiz
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The law of demand states that as the price increases then 

quantity demanded increases
quantity demanded decreases
demand increases
demand decreases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A recent scandal in which 1 million fake Chanel hand bags have been discovered. There is in an increase in Louis Vuitton hand bags because

price of a complement
price of a substitute
tastes and preferences
income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these best describes the law of demand?

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

there is no law of demand, each situation is unique and demand and prices cannot be predicted

prices will go up for certain goods when quantity demanded goes up and vice versa

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

An decrease in demand for iPhones in Hong Kong could be caused by a(n)

increase in price for Samsung Galaxy
increase in population in HK
the price for iPhones is expected to increase next week
the price of iPhone apps increased

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

Prices or availability of substitutes
Prices or availability of complementary goods
Change in the weather or season
Population (Change in the number of buyers)

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price?

The demand curve for movie tickets will move right.
The quantity demanded for movie tickets will increase.
The demand curve for movie tickets will move left
The quantity demand for movie tickets will decrease

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When replacing a certain item with with a relatively less expensive similar item or product is an example of

the substitution effect

the income effect

demand elasticity

complements

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