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Economics Topic 3

Authored by Jeremy Franchell

Social Studies

12th Grade

Used 4+ times

Economics Topic 3
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20 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What does the law of demand state?

As price increases, demand increases.

As price decreases, demand decreases.

As price increases, demand decreases.

Price and demand are unrelated.

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the substitution effect?

The change in demand due to a change in income.

The change in demand due to a change in the price of a related good.

The change in demand due to a change in consumer preferences.

The change in demand due to a change in the price of the good itself.

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What does elasticity of demand measure?

The change in demand due to a change in consumer income.

The change in demand due to a change in the price of the good.

The change in supply due to a change in production costs.

The change in supply due to a change in technology.

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the term used for business income?

Revenue

Profit

Cost

Expense

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How does market size affect demand?

Larger market size decreases demand.

Larger market size increases demand.

Market size has no effect on demand.

Smaller market size increases demand.

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What role do fads play in demand for goods?

Fads decrease demand temporarily.

Fads have no effect on demand.

Fads increase demand temporarily.

Fads permanently increase demand.

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

An increase in demand would shift the demand curve in what direction?

To the left

To the right

Upward

Downward

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