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Demand Quiz

Authored by Mr. Hedge

Other

12th Grade

Used 31+ times

Demand Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ceteris Paribus means...

Demand comes before Profit

All other things remain constant

The greater the price, the greater the demand

The ends are justified by the economic means

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that as prices go up...

Supply goes up

Demand goes up

Supply goes down

Demand goes down

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The substitution effect states that as prices _______ on a product, consumers consume less of that product and more of its substitutes.

Drop

Rise

Change

All of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call it when a rise in prices reduces your demand for all other goods?

The Income Effect

Ceteris Paribus

The Production Curve

Inelastic Demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand shifts are caused by...

Changes in Supply

Constant reinforcement

Non-Price Determinants

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal Goods are...

Goods that do not require compliments to use

Goods that people demand more of as their income increases

Goods that require compliments to use

Goods that people demand more of as their income decreases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of consumer expectations?

People don't buy much before Black Friday sales

People tend to buy the cheapest product

People don't like being told what to buy

People are easily startled by large noises

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