Mr. Campbell’s Economics Class Demand Review Click here to begin.

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

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

Correct Click here to go to the next Question

Wrong Answer! Click here to try again

Question #2 The study of behaviors and decisions that people make is called? Econometrics Micro Economics Macro Economics Personal Finance

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

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

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

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

Question #7 The LoD assumes that people behave normally. FALSETRUE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Question #25 which of the following are NOT complementary goods? Cars and tires PBJ Butter and margarine Ketchup and french fries

Question #26 If you think prices are going up NEXT week, you will buy ____ More next week More this week Less right now None at all

Question #27 If you have more consumers competing for one product, then the DC will … Shift left Move along the curve Not shift Shift right

Question #28 Elasticity measures the responsiveness of quantity to a change in … taste price expectations

Question #29 when a change in price causes a relatively larger change in quantity demanded, a product is said to be … elastic inelastic

Question #30 when a customer’s demand for a product moves in the amount (percentage wise) as the price increase, it is inelastic elastic Unit elastic

Question #31 The LoD has a ________ relationship between price and quantity wanted proportional inverse complementary

Question #32 If you ask your self “can this purchase be delayed?” and you say yes, then the product is … inelastic substitutes complementary elastic

Question #33 the period of production that is too short for any adjustments in production, other than labor, is called … Long run Short run

Question #34 if you multiple the price of a product times the quantity demanded (sold), it is called? Inelastic demand Marginal price Law of Supply Total Expenditure

Congratulations If you did well on this review, you will do well on the test on Tuesday Click here to see the test format Click here to complete the Review

Test Format The test is set up as:  Five True / False Questions  Thirteen Multiple Choice Questions  Ten Matching Questions Click here for more test info

General Test Info Test will be scantron format (bring a pencil) There will be bonus questions (general economics and cultural knowledge) There will be a headlines part, a demand graph, and the test questions (three parts) Click here to complete the Review

Good luck on the test on Tuesday!

Mr. Campbell’s Economics Class Demand Review Click here to begin.

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