Economics Quiz

Which term describes goods that can be used in place of one another?

• Law of Demand

• Substitutes

• Related Goods

• Consumer Taste

Which factor refers to the financial earnings of consumers that affect their purchasing power?

• Income

• Buyers

• Demand

• Related Goods

What term refers to goods that are often used together, such as peanut butter and jelly?

• Substitutes

• Related Goods

• Buyers

• Consumer Taste

What factor involves the anticipation of future prices affecting current buying decisions?

• Expectations of Future Price

• Law of Demand

• Quantity Demanded

• Income

What is the principle that states as more of a product is consumed, the satisfaction from consuming additional units will eventually decline?

• Law of Demand

• Law of Diminishing Marginal Utility

• Consumer Taste

• Quantity Demanded

Who are the individuals or groups that purchase goods and services?

• Substitutes

• Buyers

• Related Goods

• Expectations of Future Price

What is the economic principle that states there is an inverse relationship between price and quantity demanded?

• Law of Demand

• Law of Diminishing Marginal Utility

• Consumer Taste

• Expectations of Future Price

What is the total amount of a product that consumers are willing and able to purchase at a given price?

• Demand

• Quantity Demanded

• Income

• Substitutes

What factor can influence consumer preferences and affect demand?

• Consumer Taste

• Law of Demand

• Quantity Demanded

• Substitutes

What is the money received, especially on a regular basis, for work or through investments?

• Income

• Demand

• Expectations of Future Price

• Related Goods