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Economics -Demand Flashcards | StudBud
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Economics -Demand
Economics -Demand
19 terms
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An economics quiz to review the basics of demand
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
This diagram shows .....
an increase in price
a decrease in demand
an increase in demand
2
If people expect that a product's price will fall in the near future, it will result in ......
a decrease in production
an increase in demand
an increase in quantity demanded
a decrease in demand
3
Amount of money that a firm receives for selling goods/services
Total Income
YUGE Check
Lottery
Total Revenue
4
The vertical axis of a graph showing demand is labeled .......
Units
Quantity Demanded
Price
Quantity
5
When we demonstrate demand in the form of a table it is known as a ......
Demand Table
Demand Thing
Demand Schedule
Demand Curve
6
The horizontal axis of a graph showing demand is labeled ......
Price
Quantity
Demand
7
Goods that are less in demand when income rises are known as....
Inferior Goods
Rebel Goods
The best!
Contra Goods
8
If prices rise, consumer's purchasing power is ......
not impacted
diminished
enough to make you want to cry.
enhanced
9
Who developed Mary Kay Cosmetics?
Mary Kay Ash
Avonlea
Mary Kate and Ashley
10
Goods that are used along with other goods are known as .......
Complementary Goods
Substitute Goods
Friends
Supplementary Goods
11
The principle that says that people will buy more at lower prices
the price effect
the demand effect
the law of quantity demanded
the price law
12
What does NOT cause demand curve shift?
Population
Price
Income
Consumer Expectations
13
Change in consumption due to a change in real income.
Income Effect
Income Prediction
Outcome Effect
Hunger
14
If there is a
decrease
in demand, it is shown by ......
Shifting the curve to the right
Moving down the existing curve
Moving up the existing curve
Shifting the curve to the left
15
Goods that can be used in place of other goods are known as .......
Complementary Goods
Supplementary Goods
Substitute Goods
Twins
16
Ceteris Paribus means
All other things held constant
All children play games
Celery and Peas
If all else fails
17
______ Demand Schedule shows the quantity demanded at each price by all consumers in the market
Candy
Time
Food
Market
18
If a product suddenly becomes more popular it will result in ......
an increase in quantity demanded
a decrease in quantity demanded
an increase in demand
a decrease in demand
19
Demand is......
annoying.
desire to own something and the ability to pay for it.
a list showing how many people will buy at various prices.
wanting something badly.
