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Mr. Campbell’s Economics Class Demand Review

Mr. Campbell’s Economics Class Demand Review. Click here to begin. Economics Review. If you can do well on this review, you will be in good shape for the test. Click here to continue. Ability. Desire. Willingness. Aptitude.

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Mr. Campbell’s Economics Class Demand Review

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  1. Mr. Campbell’sEconomics ClassDemand Review Click here to begin

  2. Economics Review If you can do well on this review, you will be in good shape for the test Click here to continue

  3. Ability • Desire • Willingness • Aptitude Question #1Which of the following is NOT a requirement for demand to exist?

  4. Click here to go to the next Question Correct

  5. Click here to try again Wrong Answer!

  6. Micro Economics • Econometrics Question #2The study of behaviors and decisions that people make is called? • PersonalFinance • Macro Economics

  7. Click here to go to the next Question Correct

  8. Listings • Picture • Graph Question #3A demand schedule is which of the following?

  9. Click here to go to the next Question Correct

  10. True • False Question #4The demand schedule shows various quantities of a product over a wide period of time?

  11. Click here to go to the next Question Correct

  12. FALSE • TRUE Question #5You normally have to create a demand schedule first, then create a demand graph

  13. Click here to go to the next Question Correct

  14. Positive • Inverse • Upward Sloping Question #6The Law of Demand (LoD) is what type of relationship?

  15. Click here to go to the next Question Correct

  16. TRUE • FALSE Question #7The LoD assumes that people behave normally.

  17. Click here to go to the next Question Correct

  18. Common sense • Barrier to entry • Amount wanted • Obstacle Question #8LoD: price represents a/an ______ for people to buy items

  19. Click here to go to the next Question Correct

  20. utility • demand • supply • inverse Question #9The amount of usefulness that someone gets from a product is called?

  21. Click here to go to the next Question Correct

  22. Diminishing Demand • Marginal Demand Question #10the extra satisfaction a person gets from using ONE more unit of product is called • Marginal Utility • Diminishing Utility

  23. Click here to go to the next Question Correct

  24. Diminishing marginal utility • DiminishingDemand • Diminishing Returns • Productivity Question #11the extra satisfaction a person gets from using one more product get less and less each time

  25. Click here to go to the next Question Correct

  26. Movement along • No change in • Shift in Question #12The change in price causes a ______ the demand curve

  27. Click here to go to the next Question Correct

  28. In opposite directions • No change in Question #13If a product has an inelastic demand, price and expenditure move … • In same direction

  29. Click here to go to the next Question Correct

  30. Demand for fewer products • Demand for more products Question #14when prices increase, the demand for g/s will result in? • Increased demand for complements • Reduced demand for substitutes

  31. Click here to go to the next Question Correct

  32. substitutes • unrelated • complements Question #15Two products that are closely related together in their demand are called • elastic

  33. Click here to go to the next Question Correct

  34. create consumer needs • increase income effectiveness • minimize the income effect • create consumer demand Question #16 Advertising, fashion trends, and new product introductions serve to

  35. Click here to go to the next Question Correct

  36. Complementary • Substitutes • Elastic • Inelastic Question #17A price increase has little or no effect on how much people buy, the demand for the product is

  37. Click here to go to the next Question Correct

  38. Income Effect • Consumer Tastes Question #18Which of the following DOES NOT cause a movement along the DC • Substitution Effect

  39. Click here to go to the next Question Correct

  40. People ability to substitute one good for another • The number of consumers buying a product • Peoples real income Substitutes available for purchase Question #19The income effect alters what?

  41. Click here to go to the next Question Correct

  42. Replace one expensive item with a cheaper item • Increase their income to buy whatever they want Question #20The substitution effect allows consumers to … • Increase Demand for the original product

  43. Click here to go to the next Question Correct

  44. Move prices along the DC • Shift the DC left • Have no effect on the DC • Shift the DC right Question #21When an item may cause poor health, or you are just tired of something, that will …

  45. Click here to go to the next Question Correct

  46. substitutes • unrelated • complements • elastic Question #22Two products that are closely related together in their demand are called

  47. Click here to go to the next Question Correct

  48. TRUE • FALSE Question #23When consumer income rises, demand rises as well, shifting the DC left for any given product

  49. Click here to go to the next Question Correct

  50. substitutes • unrelated • complements Question #24when the price for good A increase, the demand for good B also increase, these goods are … • elastic

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