WorksheetsEconomics - Chapter 4 - Quiz
Total questions: 32
Worksheet time: 18mins
According to the Law of Demand, when prices drop...
demand will also drop
demand will increase
quantity demanded is unchanged
supply increases
A product may be amazing, but unless people can actually afford it, it's not really in demand.
True
False
An oil refinery fire could cause the price of gas to __
increase
decrease
stabilize
fluctuate wildly
When the price of a product increases, a consumer is able to buy less of it. Which effect does this describe?
Cost Effect
Inflationary Effect
Income Effect
Substitution Effect
Consider the market for cellular phones. Which of the following shifts the demand curve to the left?
studies showing using cellular phones can cause brain cancer
a decrease in the price of cellular phones
a decrease in the quantity demanded of cellular phones
an increase in the services provided by cellular phones, such as text messaging
Goods for which demand goes down as income goes up are better known as
Inferior Goods
Normal Goods
Public Goods
Private Goods
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
Population
Price of Substitute Good
Price of Complementary Good
Consumer Preferences/Tastes
Goods for which demand goes down as income goes up are better known as
Inferior Goods
Normal Goods
Public Goods
Private Goods
Your favorite snack has a sudden price increase of $2. You are forced to settle for a substitute cheaper snack. The demand for your favorite snack is
Inelastic
Elastic
Unitary Elastic
Ceteris Paribus
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
What is the definition of substitution effect in economics?
The substitution effect in economics refers to the change in consumption patterns due to a change in the relative prices of goods.
The substitution effect in economics is the increase in demand for a product when its price increases
The substitution effect in economics is the change in consumption patterns due to a change in income
The substitution effect in economics is the decrease in demand for a product when its price decreases
What is the definition of income effect in economics?
The income effect in economics refers to the change in quantity supplied of a good due to a change in real income.
The income effect in economics refers to the change in price of a good due to a change in real income.
The income effect in economics refers to the change in demand for a good due to a change in real income.
The income effect in economics refers to the change in quantity demanded of a good due to a change in real income.
Which of the following is an example of inelastic demand?
Jason wants the most expensive cellphone. He decides to get a cheaper model.
Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.
Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.
Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.
Review the visual to determine if it is true or false.
True
False
Type of revenue stream that is common in the creative world, it allows third parties to use your creative content for a fee
Usage Fees
Renting / Leasing
Brokerage Fees
Licensing
Exists when the quantity supplied in a market is more than the quantity demanded.
Equilibrium
Disequilibrium
Shortage
Surplus
A person who sells goods or services
vendor
taxes
supply
good
Which term describes the cost of the next best alternative that is foregone when a decision is made?
Sunk Cost
Marginal Cost
Opportunity Cost
Fixed Cost
Who developed laissez-faire economics as an economic philosophy?
Adam Smith
Karl Marx
John Locke
Louis XVI
The idea of Laissez-faire most closely fits with which type of economic system?
Free Market Economy
Command Economy
Traditional Economy
Mixed Economy
This circular flow model would be for a __________ economy
Traditional
Planned/Command
Free Market
Mixed Economy
Economy where the government own some of the factors of production
What is "human capital"
The sum of people’s skills, abilities, health, and motivation
Level 4: What is the author purpose of this cartoon?
The author of this cartoon is in favor of terrorism.
According to the author of the cartoon, Pres. Obama's recent speech regarding Islamic terrorism was well received by the American public.
The author of the cartoon is pro radical Islam.
The author is indicating that ISIS received Pres. Obama's recent speech in a positive manner, unlike the American public in general.
Level 3: This cartoon represents
That the U.S. has all the immigrants it needs for the time being
The U.S. needs more immigrants at this time
Level 3: Does this political cartoon depict America treatment of immigration as good or bad
Good
Bad
Level 2: Is this pro or anti immigration?
Pro Immigration
Anti Immigration
Which company could not be sold the a Japanese company, due to the current election, which is threatening the free market around the world?
United States Steel Corporation
Nike Inc
Alliant Energy Corporation
Pepsi Bottling Group Inc.
Pfizer Inc
Which 2024 presidential candidate is a democrat?
Kamala Harris
Donald J. Trump
None of the choices are correct
