Chapter 4 Demand Quiz

Chapter 4 Demand Quiz

12th Grade

10 Qs

quiz-placeholder

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Chapter 4 Demand Quiz

Chapter 4 Demand Quiz

Assessment

Quiz

History

12th Grade

Practice Problem

Hard

Created by

Kenneth Chambers

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the total expenditure when the price is 3 and the quantity is 2 in the Elastic Demand graph?

$6

$8

$5

$7

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Inelastic Demand graph, what happens to the expenditure when the price decreases from 3 to 2?

Increases

Decreases

Remains the same

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Unit Elastic Demand graph, what is the expenditure when the price is 3 and the quantity is 2?

$6

$8

$5

$7

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Determining Elasticity table, what is the movement of both price and expenditure in an Inelastic demand?

Opposite

No Change

Same

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers buy a different good when the price of something gets too high:

Substitution effect
Income effect
Weather effect
Demand effect

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A change in which factor will be least likely to alter a consumer's ability to pay for a product?

a consumer's income

a consumer's tastes

a change in the price of the product

a fall in the tax on goods and services

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Law of Demand states quantity demanded of a good or service varies________ with its price

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