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ECON Test Review Chapters 4 & 5

Authored by Mark Risisky

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12th Grade

ECON Test Review Chapters 4 & 5
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24 questions

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1.

MATCH QUESTION

1 min • 4 pts

Match the following

marginal utility

rule stating that more will be demanded at lower prices and less at higher prices

demand curve

 combination of desire, ability, and willingness to buy a product

demand

satisfaction or usefulness obtained from acquiring one more unit of a product

Law of Demand

graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time

2.

MATCH QUESTION

1 min • 4 pts

Match the following

demand elasticity

the portion of a change in quantity demanded caused by a change in price that makes other products more or less costly

inelastic

the extent to which a change in price causes a change in the quantity demanded

complements

products related in such a way that an increase in the price of one reduces the demand for the other

substitution effect

price change causes a relatively smaller change in demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the characteristics of demand?

the desire, ability, and willingness to buy a product

the ability and willingness to buy a product

the willingness and desire to buy a product

the desire and ability to buy a product

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Changes in quantity demanded and changes in price have a(n) _________ relationship.

indirect

positive

neutral

inverse

5.

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 high price. Which of the following best defines this example?

a complement

unit elasticity

the substitution effect

diminishing marginal utility

6.

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which would an economist consider a likely substitute for coffee?

water

tea

chicken

donuts

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