Ch 4 ECON

Ch 4 ECON

12th Grade

20 Qs

quiz-placeholder

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Ch 4 ECON

Ch 4 ECON

Assessment

Quiz

History

12th Grade

Practice Problem

Medium

Created by

Chase Chanthawoharn

Used 27+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a consumer is able and willing to buy a good or service, he or she creates which of the following:

  1. Consumption

  1. Elasticity

  1. Demand

Allocation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are inferior goods?

  1. Goods for which the demand rises when income rises

  1. Goods for which the demand falls when income rises

  1. Goods that no one wants to buy

  1. Goods that are not well produced 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  • table that lists the quantity of a good all consumers in a market will buy at each different price  

  • Market demand schedule

demand schedule

market schedule

Supply and Demand Schedule

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

when consumers react to an increase in a  good’s prices by consuming less of that good and more of other goods

Substitution Effect

Income Effect

Star Wars Effect

Appeasement Effect

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the change in consumption resulting from a change in real income

Substitution Effect

Income Effect

Star Wars Effect

Appeasement Effect

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  • When elasticity of demand is unitary, the % change in quantity demanded is exactly equal to the % change in the price

True

False

No Idea

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  • total amount of money a firm receives by selling goods or services

Total Gross

  • Total revenue

Partial Revenue

Partial Gross

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