Demand

Quiz
•
Social Studies
•
10th - 12th Grade
•
Easy
Wayground Content
Used 8+ times
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20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which concept of demand does the graph represent?
Change in Price
Change in Demand (Shift)
Decrease in Demand
Change in Quantity Demand (Slide)
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The desire to have some good or service and the ability to pay for it
supply
equilibrium
demand
quantity demanded
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of demand states that
price and quantity demanded are inversely related
the larger the number of buyers in a market, the lower will be product price
price and quantity demanded are directly related
consumers will buy more of a product at high prices than at low prices
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on demand when a product becomes a necessity for consumers?
Demand becomes perfectly elastic
Demand decreases
Demand becomes inelastic
Demand remains constant
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these best describes the law of demand?
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of gas goes up and total revenue goes up, what does that say about the elasticity of gas?
Gas is Elastic
Gas is Inelastic
Gas is Unitary Elastic
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When consumers react to an increase in a good's price by consuming less of that good and more of other goods.
Cost Effect
Income Effect
Substitution Effect
Inflationary Effect
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