Econ Chapter 4 Vocab Quiz

What are the determinants of demand?

• Price of the good

• Income of consumers

• Prices of related goods

• All of the above

Complementary goods are:

• Goods that are used together

• Goods that are substitutes for each other

• Goods that are unrelated

• Goods that are luxury items

Diminishing margins mean:

• Increasing profits over time

• Decreasing profits over time

• Stable profits over time

• Fluctuating profits over time

Tags

NGSS.HS-ETS1-3

What is the cost of production?

• The total expenses incurred in manufacturing a product

• The revenue generated from selling a product

• The profit made after selling a product

• The market price of a product

What is meant by quantity demanded?

• The total amount of goods available for sale

• The total amount of goods consumers are willing to buy at a given price

• The change in demand when price changes

• The total revenue generated from sales

What are substitute goods?

• Goods that can be used in place of each other

• Goods that are always used together

• Goods that are not related to each other

• Goods that are produced by the same company

Purchasing power is:

• The ability to purchase goods and services

• The total amount of money in circulation

• The interest rate set by the central bank

• The level of inflation in an economy

What is a supply schedule?

• A table showing the relationship between price and quantity supplied

• A graph showing the demand curve

• A list of all suppliers in a market

• A schedule of delivery times for goods

What is a demand schedule?

• A table showing the quantity demanded at different prices

• A graph showing the relationship between price and quantity demanded

• A list of goods and services available in a market

• A schedule of production for a manufacturing company

The profit motive is:

• the desire to earn income in the form of profit.

• the need to provide goods and services.

• the obligation to pay taxes.

• the requirement to follow regulations.

Tags

NGSS.HS-ESS3-2

NGSS.HS-ETS1-3