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Supply Demand and Prices

Authored by Justin Rice

Social Studies

10th - 12th Grade

Used 39+ times

Supply Demand and Prices
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45 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What are the characteristics of demand?

the desire and ability to buy a product

the ability and willingness to buy a product

the willingness and desire to buy a product

the desire, ability, and willingness to buy a product

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A hungry man is willing to pay a high price for food. After he is no longer hungry, he is not willing to pay the same high price. Which of the following best defines this example?

a complement

diminishing marginal utility

unit elasticity

the substitution effect

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

On a demand curve, movement along the curve, as opposed to a shift in the entire curve, is a result of ___

a change in price.

an increase in demand.

a decrease in demand

a change in demand.

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which would an economist consider a likely substitute for coffee?

water

tea

chicken

donuts

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which product most likely has a demand that is inelastic?

a meal at a restaurant

green beans

a vital medicine

a vacation

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What test do economists use to measure elasticity?

utility

revenue

total expenditures

demand

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A demand schedule is best described as _______

a graph.

an incentive

data

a time line

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