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Econ: Supply and Demand, Ch. 4-5

Quiz by Cory West

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20 questions
Show answers
  • Q1
    Demand is the different quantities of goods that consumers are willing and able to buy at different prices
    False
    True
    60s
  • Q2
    According to the law of demand there is an _________________ relationship between price and quantity demanded
    inverse
    positive
    direct
    diverse
    60s
  • Q3
    Qs is quantity supplied and Qd is quantity demanded
    True
    False
    60s
  • Q4
    According to the law of supply there is a(n) _________________ relationship between price and quantity demanded
    negative
    diverse
    inverse
    direct
    45s
  • Q5
    The only thing that can change (Qs) is the price of that item being graphed.
    True
    False
    60s
  • Q6
    The 5 Shifters (Determinants) of Supply include Cost of Resources, Productivity, Technology, Number of Sellers, and
    Consumer income
    Elasticity of demand
    Price of related goods
    Government Regulations (Taxes and Subsidies)
    60s
  • Q7
    Demand curve is a graph showing the various quantities supplied at all possible prices
    False
    True
    60s
  • Q8
    A movement from point to point on a single Supply curve is a change in quantity supplied.
    False
    True
    60s
  • Q9
    Demand depends on two variables. They are...
    price and quantity
    quantity and quality
    price and quality
    60s
  • Q10
    "Any place where buyers and sellers meet to exchange goods and services" is
    a market
    equilibrium
    where the supply and demand curve meet
    a voluntary exchange
    60s
  • Q11
    Substitutes are two goods that are bought and used together.
    False
    True
    60s
  • Q12
    Using the graph, the supply curve is elastic because the change in price causes a proportionally larger change in quantity supplied.
    Question Image
    True
    False
    60s
  • Q13
    The five deteminants of demand include Tastes and Preferences, Number of Consumers, Consumer Income, Elasticity of Demand, and
    Technology
    Price of Related Goods
    Productivity
    Cost of Resources
    60s
  • Q14
    The market demand curve can change if there is a change in the number of consumers.
    False
    True
    60s
  • Q15
    As income falls, demand increases for normal goods.
    False
    True
    60s

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