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Econ Chapter 3 Exam Review

Authored by Patricia White

Social Studies

9th - 12th Grade

Econ Chapter 3 Exam Review
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of a good or service that consumers are willing and able to buy at various prices during a given period.

Demand

Purchasing Power

Law of Demand

Total Revenue

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The situation that exists when quantity demanded changes only slightly or not at all in response to a change in price.

Inelastic Demand

Elastic Demand

Law of Demand

Demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The situation that exists when quantity demanded changes greatly in response to a change in price.

Elastic Demand

Inelastic Demand

Law of Demand

Demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good that is commonly used with another good and for which demand increases (or decreases) when the demand for the related good increases (or decreases).

Complementary Good

Supplementary Good

Diminishing Marginal Utility

Purchasing Power

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much quantity is requested on a demand curve.

Quantity Demanded

Substitute Good

Utility

Purchasing Power

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Lists quantities of goods consumers are willing and able to buy at various prices; as price goes up, demand goes down.

Demand Schedule

Demand Curve

Elastic Demand

Inelastic Demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Increase/decrease in a consumer's purchasing power caused by changing prices of goods/services.

Income Effect

Total Revenue

Price

Purchasing Power

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