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Econ Topic 3/4 Quiz

Authored by Michael Trupp

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12th Grade

Used 4+ times

Econ Topic 3/4 Quiz
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31 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the desire to own something and the ability to pay for it?

Demand

Supply

Income

Substitution

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

  1. Consumers will buy more of a good when its price is lower and less when the price is higher.

Demand

Law of Demand

Supply

Income

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The amount of products that people are willing to buy.

Law of Demand

Law of Supply

Quantity Demanded

Demand

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

When a consumer buys less of an expensive item and more of a cheaper item.

Income

Demand

Supply

Substitution Effect

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the change in consumption because of a change to prices?

Income Effect

Substitution Effect

Demand Effect

Supply Effect

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

  1. What is the desire to own something and the ability to pay for it.

Supply

Demand

Law of Demand

Law of Supply

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

  1. Consumers will buy more of a good when its price is lower and less when the price is higher.

Demand Curve

Law of Supply

Law of Demand

Demand

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