Chapter 4 Review

QuizÂ by Maggie Maine

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15 questions
• Q1
People will buy more of a good when its price falls and less when its prices rises, according to the
cetirus peribus
demand theory
law of demand
law of elasticity
30s
• Q2
To show how demand for a good will change at specific price points, economists use a
production possibilities curve
demand law
demand scheule
demand journal
30s
• Q3
Which is an example of the law of demand at work?
Demand for pizza goes down when tacos become more poular
The 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
• Q4
If prices rise and income stays the same, what is the effect on demand?
Fewer goods are bought
Demand stays the same.
More goods are bought
More is bought of some goods and less of others
30s
• Q5
A consumer's desire to buy something and the ability to pay for it is called:
necessities
luxuries
law of demand
demand
30s
• Q6
Consuming less of a good and more of another as a reaction to a price increase:
substitution effect
law of demand
income effect
inferior good consumption
30s
• Q7
Good that consumers demand less of when their incomes increase
complementary good
substitute good
normal good
inferior good
30s
• Q8
Measure of how consumers respond to price changes
ceteris paribus
law of demand
elasticity of demand
demographics
30s
• Q9
Not very sensitive to price changes
unitary elastic
elastic
inelastic
30s
• Q10
Your demand for a good is inelastic if you consider the good to be
inferior
essential
normal
replaceable
30s
• Q11
Which 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 demand
30s
• Q12
What factor is shifting demand: Weather forecasters say that a holiday weekend will be sunny and warm. People buy more sunglasses and sun block.
income
consumer expectations
population
30s
• Q13
What factor is shifting demand: The government sends tax rebate checks to many citizens. People buy more cars and television sets.
price of related goods
demographics
population
income
30s
• Q14
Calculate the elasticity: Price increases from \$80-\$90, Demand decreases from 90-60.
3.0
0.38
2.66
30s
• Q15
A shift in demand due to the baby boomers getting older is credited to what factor?
price of related goods
income
population