Demand

Demand

12th Grade

•

25 Qs

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Demand

Demand

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Hard

Created by

Jacob Dawson

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The desire to have some good or service and the ability to pay for it

supply

equilibrium

demand

quantity demanded

2.

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

the demand curve

change in quantity demanded

change in demand

elasticity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity demanded of a good or service changes at all price levels best describes the concept of

change in quantity demanded

elasticity

change in demand

demand curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elasticity refers to

how producers of goods and services react to price changes

how consumers of goods and services react to price changes

how far a supply of scarce goods can be stretched

how often the price of a good or service changes when quantity demanded changes

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of these demonstrates inelastic demand? (multiple answers)

a cold snap destroys an apple crop causing prices to jump, however, people still buy apples and quantity demanded does not change

Super Bowl tickets hit record high prices but are still sold out in a matter of minutes and starting going for even higher prices on resale sites

concert tickets are not selling well, so the venue drops prices by 80%; the tickets sell out shortly thereafter

a restaurant starts charging a $10 delivery fee, delivery orders drop by 50% in the first month

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these shows a decrease in the quantity demanded?

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