
Economics Chapter 3
Authored by Sandy Foster
Social Studies
12th Grade
Used 3+ times

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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the way economists view peoples gasoline purchases?
People need gas
Theare are no substitutes for gasoline, so people will pay any given price to maintain consumption.
Both of the above
None of the above.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The demand for a good is elastic when
total revenue increases with each decrease in price.
total revenue decreases with each decrease in price.
price changes have no effect on total revenue
the demand curve shifts to the right
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Describes how much a change in price affects the quantity demanded.
Demand
Change in demand
Complimentary Good
Price effect
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something used in place of a particular product.
Substitute good
Market demand
price elasticity of demand
demand curve
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
People want to buy more of a product when its price falls.
Complimentary Good
Change in demand
Price elasticity of demand
Diminishing marginal utility
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantities of something a person is willing and able to buy at different possible prices.
Products
Demand Curve
Substitute good
Demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The point reached when the next item consumed is less satisfying than the one before.
Price effect
Complimentary Good
Change in demand
Household demand
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