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Economics Chapter 4 Test

Authored by Morgan Land

History

9th - 12th Grade

Used 2+ times

Economics Chapter 4 Test
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of goods consumers are willing to buy at a given price is ______.

demand

income

elasticity

bottom line

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Four factors influencing demand include price, _______, the demand for substitute goods, and consumer tastes.

demand

income

elasticity

bottom line

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To measure the impact of the price effect, economists use the term ______.

demand

income

elasticity

bottom line

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elasticity matters because it affects a business's ______.

demand

income

elasticity

bottom line

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a product rises, the demand of a substitute tends to _____.

go up

utility

bottom line

summer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The more _____ a person gets from a product, the more the person will be willing to pay for the product.

go up

utility

bottom line

summer

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand for gasoline usually increases during the _____.

go up

utility

bottom line

summer

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