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Chapter 4 Review

Quiz by Maggie Maine

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15 questions
Show answers
  • 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 taste & advertising
    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
    consumer taste and advertising
    30s

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