Economics Quiz

What is the principle that states that as the price of a good decreases, the quantity demanded increases, and vice versa?

• Change in quantity demanded

• Demand schedule

• Law of demand

• Market demand

What is a list of the quantities of a good that one person will buy at various prices called?

• Supply Schedule

• Demand Curve

• Demand Schedule

• Price List

What economic law states that as the price of a good or service increases, the quantity demanded decreases, and vice versa?

• Law of Supply

• Law of Demand

• Law of Diminishing Returns

• Law of Equilibrium

What is the sum of all the individual quantities demanded in a market?

• Aggregate Supply

• Market Demand

• Total Supply

• Market Equilibrium

What is an increase or decrease in quantity demanded as a result of a change in price called?

• Price Elasticity

• Demand Shift

• Quantity Supplied

• Change in Quantity Demanded

What is a graphical representation of the relationship between the price of a good and the quantity demanded?

• Supply curve

• Demand curve

• Equilibrium curve

• Production curve

What term describes the willingness and ability of consumers to purchase a good at various prices?

• Supply

• Demand

• Equilibrium

• Surplus

What are factors called that can cause the demand curve to shift?

• Supply shifters

• Demand shifters

• Price controls

• Market forces

What is a good called that is often used together with another good?

• Substitute good

• Complementary good

• Inferior good

• Normal good

What term describes a movement along the demand curve due to a change in price?

• Change in supply

• Change in demand

• Shift in demand

• Equilibrium change