Unit 2 Test

The demand schedule shows the quantity demanded at all possible _________ that might prevail in the market at a given time.

What do we call motivating influences that cause consumers to act?

Which of the following is NOT a factor that impacts change in demand?

What is the only factor that changes the quantity demanded?

Which of the following is NOT a determinant of demand elasticity?

Which of the following products had an inelastic demand?

A ______ is a payment to an individual, business, or other group to encourage or protect a certain type of economic activity.

Which of the following factors can cause a change in supply?

The supply curve is likely to be ______ for many products that can be made quickly without huge amounts of capital or skilled labor.

Factories closing are examples of ______ changes because the amount of capital used for production changes slowly.