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Demand Ch4 Test

Quiz by Paul Bachman

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24 questions
Show answers
  • Q1
    Demand elasticity is the extent to which a change in price causes a change in the quantity demanded.
    False
    True
    30s
  • Q2
    Demand is elastic when a given change in price causes a relatively smaller change in quantity demanded.
    True
    False
    30s
  • Q3
    The sole determinant of elasticity is the answer to the question: Can the purchase be delayed?
    True
    False
    30s
  • Q4
    Prices for common vegetables tend to be elastic because
    there is no substitute for a vegetable
    consumers must eat
    other vegetables are available
    vegetables are expensive
    30s
  • Q5
    Which term refers to a changing price that causes a proportional change in total revenue?
    total expenditures
    inelastic
    unit elastic
    elastic
    30s
  • Q6
    For which product is demand likely to be the most elastic?
    a product with many adequate substitutes
    a product with inadequate substitutes
    a product with no substitutes
    its imposible to tell
    30s
  • Q7
    Demand is the desire, __________________, and ability to buy a product or service.
    none of these
    willingness
    credit
    down payment
    30s
  • Q8
    This is the motivating influence that cause an individual to take action in an economy.
    movement
    incentive
    credit
    payment
    30s
  • Q9
    As people use more and more of a product, they encounter decreasing usefulness which is
    economics
    research
    diminishing marginal utility
    communism
    30s
  • Q10
    The demand curve is best described as
    a time line
    an incentive
    a graph
    data
    30s
  • Q11
    When the price of something increases, the quantity demanded
    increases
    remains unchanged
    decreases
    reverses
    30s
  • Q12
    Consider the term marginal utility, which word is the best synonym for marginal?
    satisfactory
    borderline
    useful
    additional
    30s
  • Q13
    Why is a demand curve downward sloping?
    because of the natural elasticity of the market
    because it shows how increasing incentives changes demand
    because quantity demanded increases as price decreases
    because it reflects the desire, willingness, and ability of consumers
    30s
  • Q14
    Why is the Law of Demand called a "law"?
    because it is an economic term
    because it has been demonstrated repeatedly
    because there are no exceptions to it
    because it is legally required
    30s
  • Q15
    movement along the demand curve showing that a different quantity is purchased in response to a change in price
    change in quantity demanded
    income effect
    complements
    change in demand
    30s

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