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CGHS Economics CH. 4 Vocabulary Quiz

Social Studies

12th Grade

Used 3+ times

CGHS Economics CH. 4 Vocabulary Quiz
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "Demand" refer to in economics?

The total supply of a good in the market

The quantities of a good that consumers are willing and able to buy at various prices

The cost of producing a good

The profit made from selling a good

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, how does the quantity demanded relate to its price?

Directly proportional

Inversely proportional

Unrelated

Exponentially proportional

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is "marginal utility"?

The total satisfaction from consuming a good

The change in total utility from a one-unit change in consumption

The cost of producing an additional unit

The price of a good

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of diminishing marginal utility state?

Utility increases with each additional unit consumed

Utility remains constant with each additional unit consumed

Marginal utility decreases as more of a good is consumed

Marginal utility increases as more of a good is consumed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a "demand curve"?

A line showing the supply of a good

A curve showing the quantities demanded at various prices

A graph of production costs

A chart of consumer preferences

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "quantity demanded" refer to?

The total market demand

The amount demanded at a particular price

The supply available at a given time

The cost of a good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is "individual demand"?

The demand of all consumers in a market

The demand of an individual consumer

The supply of a single producer

The total market supply

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