Chapter 4 Review
Quiz by Maggie Maine
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15 questions
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- Q1People will buy more of a good when its price falls and less when its prices rises, according to thecetirus peribusdemand theorylaw of demandlaw of elasticity30s
- Q2To show how demand for a good will change at specific price points, economists use aproduction possibilities curvedemand lawdemand scheuledemand journal30s
- Q3Which is an example of the law of demand at work?Demand for pizza goes down when tacos become more poularThe price of pizza falls wen demand for pizza falls.The price of pizza goes up when the price of cheese goes up.Demand for pizza rises when the price of pizza falls.30s
- Q4If prices rise and income stays the same, what is the effect on demand?Fewer goods are boughtDemand stays the same.More goods are boughtMore is bought of some goods and less of others30s
- Q5A consumer's desire to buy something and the ability to pay for it is called:necessitiesluxurieslaw of demanddemand30s
- Q6Consuming less of a good and more of another as a reaction to a price increase:substitution effectlaw of demandincome effectinferior good consumption30s
- Q7Good that consumers demand less of when their incomes increasecomplementary goodsubstitute goodnormal goodinferior good30s
- Q8Measure of how consumers respond to price changesceteris paribuslaw of demandelasticity of demanddemographics30s
- Q9Not very sensitive to price changesunitary elasticelasticinelastic30s
- Q10Your demand for a good is inelastic if you consider the good to beinferioressentialnormalreplaceable30s
- Q11Which of the following is the correct mathematical formula for calculating elasticity of demand?%change of Qd / %change of Price%change in substitutes / %change in value demanded%change price demanded / %change in market demand%change in price / %change in market demand30s
- Q12What factor is shifting demand: Weather forecasters say that a holiday weekend will be sunny and warm. People buy more sunglasses and sun block.incomeconsumer taste & advertisingconsumer expectationspopulation30s
- Q13What factor is shifting demand: The government sends tax rebate checks to many citizens. People buy more cars and television sets.price of related goodsdemographicspopulationincome30s
- Q14Calculate the elasticity: Price increases from $80-$90, Demand decreases from 90-60.3.00.382.6630s
- Q15A shift in demand due to the baby boomers getting older is credited to what factor?price of related goodsincomepopulationconsumer taste and advertising30s