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Demand Test

Authored by John Foster

Business

12th Grade

Used 9+ times

Demand Test
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following terms refers to the amount of money consumers have available to spend on products?

Marginal power

Purchasing power

Income effect

Substitution effect

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

As more units of a product are consumed, the satisfaction from consuming each additional unit...

stays the same

increases

decreases

Greatly increases slightly, sort of

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A demand curve only displays a “snapshot” of a market because...

prices of products often increase.

it is based on a demand schedule.

it represents a specific time period.

economists cannot make long-term predictions.

4.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

Which of the following is a nonprice determinant of demand?

consumer expectations

consumer tastes and preferences

prices of related goods

prices of related consumers

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which direction will the demand curve shift if consumers’ incomes rise?

to the right

to the left

It will become a circle

There is no correlation between income and demand

6.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

A products’ demand elasticity is affected by...(choose all that are correct)

whether or not it has available substitutes.

whether or not it is a necessity.

How stretchy the material is

the portion of the consumers’ income the product’s cost represents

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

If substitutes are not readily available for a product, it has

inelastic demand.

elastic demand.

an income effect.

a substitution effect.

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