
Economics Chapter 4
Authored by Jerry Keifer
Business
9th - 12th Grade
Used 29+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 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
30 sec • 1 pt
Change in quantity demanded and changes in price have a(n)___________________relationship.
indirect
postive
inverse
neutral
3.
MULTIPLE CHOICE QUESTION
30 sec • 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 price. Which of the following best defines this example?
a complement
diminishing marginal utility
unit elasticity
the substitution effect
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On a demand curve, movement along the curve, as opposed to a shift in the entire curve, is a result of________?
achange in price
an increase in demand
a decrease in demand
a change in demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the income effect?
a change in quantity demanded caused by a change in consumer income
a change in demand caused by substitution
a proportional change in quantity demanded based on income
an increase in purchase of complements based on an increase in income
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which would an economist consider a likely substitute for coffee?
water
tea
chicken
donuts
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which would an economist consider a likely complement for coffee?
water
tea
chicken
donut
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