
Chapter 4 Review Guide - Economics
Authored by Jason Allen
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12th Grade
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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term refers to the usefulness or satisfaction derived by using an item?
demand
incentive
quantity
utility
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these names the only thing that can cause movement along a demand curve?
unit elastic demand
a substitution
a change in price
diminishing satisfaction
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Diminishing marginal utility results from lessened
income.
satisfaction.
demand.
elasticity.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For which of these would a consumer be the least likely to find a substitute?
electricity
postal delivery
DVD players
fruit drinks
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term describes a feeling of greater wealth on the part of a consumer?
the elastic effect
the inverse effect
the substitution effect
the income effect
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the characteristics of demand?
the desire and ability to buy a product
the ability and willingness to buy a product
the willingness and desire to buy a product
the desire, ability, and willingness to buy a product
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Changes in quantity demanded and changes in price have a(n) _____ relationship.
indirect
positive
inverse
neutral
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