WorksheetsWeek 3 Vocab Quiz
Total questions: 10
Worksheet time: 10mins
Demand is:
The desire to own something and the ability to pay for it
The amount of goods available
The cost of production
The supply of goods in the market
What is Quantity Demanded?
The total amount of goods or services that consumers are willing and able to purchase at a given price in a given time period.
The amount of goods available for sale in the market.
The price at which goods are sold in the market.
The difference between supply and demand.
Explain the difference between Demand Schedule and Demand Curve.
A Demand Schedule is a table showing the quantity demanded at different prices, while a Demand Curve is a graph showing the same relationship.
A Demand Schedule is a graph showing the quantity demanded at different prices, while a Demand Curve is a table showing the same relationship.
Both Demand Schedule and Demand Curve are graphs showing the quantity demanded at different prices.
Both Demand Schedule and Demand Curve are tables showing the quantity demanded at different prices.
The Law Of Demand (Pencil Theory) states that:
as the price of a good increases, the quantity demanded decreases, ceteris paribus.
as the price of a good increases, the quantity demanded increases, ceteris paribus.
as the price of a good decreases, the quantity demanded remains the same, ceteris paribus.
as the price of a good decreases, the quantity demanded decreases, ceteris paribus.
The difference between Change in Demand and Change in Quantity Demanded is:
Change in Demand refers to a shift in the entire demand curve, while Change in Quantity Demanded refers to a movement along the demand curve due to a change in price.
Change in Demand refers to a movement along the demand curve due to a change in price, while Change in Quantity Demanded refers to a shift in the entire demand curve.
Change in Demand and Change in Quantity Demanded are the same and refer to a shift in the entire demand curve.
Change in Demand and Change in Quantity Demanded are the same and refer to a movement along the demand curve due to a change in price.
What are Normal Goods vs Inferior Goods?
Normal goods are those whose demand increases as consumer income rises, whereas inferior goods are those whose demand decreases as consumer income rises.
Normal goods are those whose demand decreases as consumer income rises, whereas inferior goods are those whose demand increases as consumer income rises.
Normal goods and inferior goods both have demand that increases as consumer income rises.
Normal goods and inferior goods both have demand that decreases as consumer income rises.
What are Substitutions?
A type of mathematical operation
Goods that can be used in place of another good
A type of grammatical error
Goods that are often bought together
Complementary goods are:
Goods that are used together
Goods that are substitutes for each other
Goods that are unrelated
Goods that are luxury items
WTP (Willing to Pay) means:
The maximum amount a consumer is willing to pay for a good or service.
The minimum amount a seller is willing to accept for a good or service.
The average amount consumers are willing to pay for a good or service.
The fixed price set by the government for a good or service.
The Law of Diminishing Marginal Utility states that as a person consumes more units of a good, the additional satisfaction gained from consuming each additional unit will eventually decrease. Which of the following best describes this concept?
The satisfaction from consuming additional units increases.
The satisfaction from consuming additional units remains constant.
The satisfaction from consuming additional units decreases.
The satisfaction from consuming additional units is unpredictable.
