ECON: Demand Intro

ECON: Demand Intro

Assessment

Interactive Video

Social Studies

11th Grade

Medium

Created by

Amber Prange

Used 2+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand state about the relationship between price and quantity demanded?

Inverse relationship: as price increases, quantity demanded decreases

Direct relationship: as price increases, quantity demanded also increases

Random relationship: changes in price may or may not affect quantity demanded

No relationship: changes in price do not affect quantity demanded

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What effect describes the behavior of consumers purchasing more of a product when its price decreases due to increased purchasing power?

Substitution effect

Income effect

Price effect

Utility effect

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a shifter of demand?

Cost of production

Number of consumers

Tastes and preferences

Consumer expectations

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a complement good decreases, what happens to the demand for the related good?

It increases

It becomes unpredictable

It decreases

It stays the same

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a change in demand and a change in quantity demanded?

There is no difference; both terms mean the same

Change in demand is caused by price changes, while change in quantity demanded is caused by shifters

Change in demand is caused by shifters, while change in quantity demanded is caused by price changes

Change in demand refers to movement along the curve, change in quantity demanded refers to shifts in the curve