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Demand Basics Flashcards | StudBud
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Demand Basics
Demand Basics
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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
Quantity Demanded is .......
a specific amount people will buy at a specific price.
a list showing how many people will buy at various prices.
2
If there is a
decrease
in demand, it is shown by ......
Moving up the existing curve
Shifting the curve to the right
Moving down the existing curve
Shifting the curve to the left
3
Is the price of the product on the list of things that determines demand?
No
Yes
4
Goods that can be used in place of other goods are known as .......
Complementary Goods
Substitute Goods
Supplementary Goods
5
If there is an
increase
in demand, it is shown by ......
Shifting the curve to the left
Shifting the curve to the right
Moving up the existing curve
Moving down the existing curve
6
The vertical axis of a graph showing demand is labeled .......
Quantity
Price
Quantity Demanded
Units
7
If prices rise, consumer's purchasing power is ......
not impacted
enhanced
diminished
8
Which of the following is
NOT
a determinant of demand.
Income
The price of substitute goods
Future Expectations
The price of the product
9
My favorite class is ..... Here is a hint.
Math
English
Science
Economics
10
If people expect that a product's price will fall in the near future, it will result in ......
a decrease in quantity demanded
an increase in demand
a decrease in demand
an increase in quantity demanded
11
The principle that says that people will buy more at lower prices
the price effect
the law of quantity demanded
the demand effect
the price law
12
If a product suddenly becomes more popular it will result in ......
a decrease in quantity demanded
an increase in demand
an increase in quantity demanded
a decrease in demand
13
If the price goes
up
, it is shown by
Shifting the curve to the left
Moving down the existing curve
Shifting the curve to the right
Moving up the existing curve
14
This diagram shows .....
an increase in quantity demanded
a decrease in demand
a decrease in quantity demanded
an increase in demand
15
Demand curves slope in this direction
Downward to the Right
Upward to the Right
Upward to the Left
Downward to the Left
16
This diagram shows .....
a decrease in quantity demanded
an increase in demand
a decrease in demand
an increase in quantity demanded
17
The horizontal axis of a graph showing demand is labeled ......
Price
Quantity
Demand
18
When we demonstrate demand in the form of a table it is known as a ......
Demand Table
Demand Curve
Demand Schedule
Demand Thing
19
Goods that are used along with other goods are known as .......
Substitute Goods
Supplementary Goods
Complementary Goods
