WEEK 3 ECONOMICS QUIZ G 12

If the demand for chocolate increase, the demand curve shifts to the left.

• True

• False

Time is one of the factors that determine elasticity of demand.

• True

• False

Elasticity of demand deals with the relationship between price and quantity demanded.

• False

• True

Elasticity of demand is important to economists only; business owners don't need to understand advanced economic concepts like elasticity.

• True

• False

Quantity demanded is determined by price.

• True

• False

According to economists, as a person consumes additional units of a good, satisfaction from each additional unit decreases.

• False

• True

A demand schedule is a list of prices and the quantities demanded at each price.

• True

• False

As income rises, demand for normal goods rises.

• True

• False

Leading experts in the field of economics can predict with certainty when an economic event will occur.

• False

• True

Elasticity of demand is important to economists only; business owners don't need to understand advanced economic concepts like elasticity.

• True

• False