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Econ - Chapter 3 Review

Authored by Carly Bogue

Social Studies

12th Grade

Used 8+ times

Econ - Chapter 3 Review
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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of another of a similar good.

Income effect

Substitution effect

Law of demand

Demand effect

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the price of apples decreases, how does the income effect influence the demand of the consumption of other goods?

It has no effect on the demand of other goods

It causes a decrease in the demand of other goods

It causes an increase in the demand of other goods

It causes an increase in the demand of apples

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is a table that shows the quantities demanded at various prices by all consumers in the market

An individual demand schedule

A demand curve

A demand schedule

A market demand schedule

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under this assumption, "all other things are held constant"

Carpe Diem

Alter Ego

Ceteris Paribus

Delirium Tremens

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand for these goods decreases as income increases

Inferior goods

Normal goods

Private goods

Public goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are non-price determinants of demand EXCEPT:

Changes in income

Changes in production costs

Changes in population size

Consumer expectations about prices in the future

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When demand for a good or service increases at every price, the demand curve:

Shifts up

Shifts to the left

Shifts down

Shifts to the right

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