Demand - Quiz
Authored by Paul Drohomirecky
others
12th Grade
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
Consumers buy _____ of a good when its price decreases and _____ when its price increases
less; more
more; less
2.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
The Law of Demand says that when the price rises quantity demand goes ________ and when the price drops the quantity demand goes _______.
down; up
up; down
3.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
_______ effect is when a consumer replaces a more expensive item for a less costly alternative.
Income
Substitution
I'm broke
4.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
________ effect happens when a consumer his/her consumption of a good based on how much money they make.
Income
Substitution
I'm rich
5.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
A _________ ________ schedule is a table that lists the quantity of a good all consumers in a market will buy at each different price
market demand
market supply
product outcome
6.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
A __________ good is a good that consumers demand more of when their incomes increase.
inferior
normal
substitute
7.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
An __________ good is a good that consumers demand less of when their income increases.
inferior
normal
substitute
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