Economics  Chapter 4

Economics Chapter 4

9th - 12th Grade

10 Qs

quiz-placeholder

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Economics  Chapter 4

Economics Chapter 4

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Jerry Keifer

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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