Demand - Quiz

Demand - Quiz

12th Grade

10 Qs

quiz-placeholder

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Demand - Quiz

Demand - Quiz

Assessment

Quiz

others

12th Grade

Practice Problem

Easy

Created by

Paul Drohomirecky

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Consumers buy _____ of a good when its price decreases and _____ when its price increases

less; more
more; less

2.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

The Law of Demand says that when the price rises quantity demand goes ________ and when the price drops the quantity demand goes _______.

down; up
up; down

3.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

_______ effect is when a consumer replaces a more expensive item for a less costly alternative.

Income
Substitution
I'm broke

4.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

________ effect happens when a consumer his/her consumption of a good based on how much money they make.

Income
Substitution
I'm rich

5.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

A _________ ________ schedule is a table that lists the quantity of a good all consumers in a market will buy at each different price

market demand
market supply
product outcome

6.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

A __________ good is a good that consumers demand more of when their incomes increase.

inferior
normal
substitute

7.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

An __________ good is a good that consumers demand less of when their income increases.

inferior
normal
substitute

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