Econ Quizzes 4-1 & 4-2 Demand

1. The numerical representation of demand is called:

• a demand curve
• a demand schedule
• quantity demanded
• demand

2. What must be true for a consumer to be in "demand" ?

• willing to buy
• able to buy
• well off financially
• willing and able to buy

3. The ___________ of a good will increase or decrease as a result of a change in the price of that good.

• demand
• quantity demanded

4. Any place that people gather together to buy and sell goods is called:

• a store
• a market
• a trade-off
• a transaction

5. This states that as prices increase, the quantity that buyers will purchase, will decrease.

• Economics Principle
• Law of Supply
• Law of Demand
• None of the above

6. A demand curve could be a vertical, straight line.

• True
• False

7. Demand schedules and demand curves contain the same information presented in different ways.

• True
• False

8. Buyers have demand for a good or service whenever they have enough money to purchase the item.

• True
• False

9. The law of diminishing marginal utility states that consumers value the first unit of a good more highly than an additional unit of the same item.

• True
• False

10. A demand schedule lists only prices.

• True
• False