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Demand Basics Flashcards | StudBud
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Demand Basics
Demand Basics
18 terms
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An economics quiz to review the basics of demand
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
If people expect that a product's price will fall in the near future, it will result in ......
an increase in demand
a decrease in demand
an increase in quantity demanded
a decrease in quantity demanded
2
The vertical axis of a graph showing demand is labeled .......
Price
Quantity
Units
Quantity Demanded
3
Goods that are used along with other goods are known as .......
Substitute Goods
Complementary Goods
Supplementary Goods
4
If prices rise, consumer's purchasing power is ......
enhanced
not impacted
diminished
5
This diagram shows .....
a decrease in quantity demanded
an increase in quantity demanded
an increase in demand
a decrease in demand
6
Which of the following is
NOT
a determinant of demand.
Future Expectations
The price of the product
Income
The price of substitute goods
7
The principle that says that people will buy more at lower prices
the price effect
the law of quantity demanded
the price law
the demand effect
8
Goods that can be used in place of other goods are known as .......
Supplementary Goods
Complementary Goods
Substitute Goods
9
The horizontal axis of a graph showing demand is labeled ......
Price
Demand
Quantity
10
Quantity Demanded is .......
a specific amount people will buy at a specific price.
a list showing how many people will buy at various prices.
11
Is the price of the product on the list of things that determines demand?
Yes
No
12
This diagram shows .....
a decrease in quantity demanded
a decrease in demand
an increase in demand
an increase in quantity demanded
13
If a product suddenly becomes more popular it will result in ......
an increase in demand
a decrease in demand
an increase in quantity demanded
a decrease in quantity demanded
14
Demand curves slope in this direction
Upward to the Right
Downward to the Right
Downward to the Left
Upward to the Left
15
If there is a
decrease
in demand, it is shown by ......
Shifting the curve to the right
Shifting the curve to the left
Moving down the existing curve
Moving up the existing curve
16
If the price goes
up
, it is shown by
Moving up the existing curve
Moving down the existing curve
Shifting the curve to the left
Shifting the curve to the right
17
When we demonstrate demand in the form of a table it is known as a ......
Demand Table
Demand Schedule
Demand Thing
Demand Curve
18
If there is an
increase
in demand, it is shown by ......
Moving up the existing curve
Shifting the curve to the right
Shifting the curve to the left
Moving down the existing curve
