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Duplicate of Duplicate of Duplicate of Demand Basics Flashcards | StudBud
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Duplicate of Duplicate of Duplicate of Demand Basics
Duplicate of Duplicate of Duplicate of Demand Basics
20 terms
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StudBud Administration
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30 plays
An economics quiz to review the basics of demand
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
My favorite class is ..... Here is a hint.
English
Science
Math
Economics
2
Quantity Demanded is .......
a list showing how many people will buy at various prices.
a specific amount people will buy at a specific price.
3
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
4
If a product suddenly becomes more popular it will result in ......
an increase in demand
a decrease in quantity demanded
a decrease in demand
an increase in quantity demanded
5
The horizontal axis of a graph showing demand is labeled ......
Price
Quantity
Demand
6
Goods that can be used in place of other goods are known as .......
Supplementary Goods
Substitute Goods
Complementary Goods
7
If prices rise, consumer's purchasing power is ......
diminished
enhanced
not impacted
8
If people expect that a product's price will fall in the near future, it will result in ......
an increase in quantity demanded
a decrease in quantity demanded
a decrease in demand
an increase in demand
9
This diagram shows .....
an increase in demand
an increase in quantity demanded
a decrease in quantity demanded
a decrease in demand
10
When we demonstrate demand in the form of a table it is known as a ......
Demand Thing
Demand Schedule
Demand Curve
Demand Table
11
Goods that are used along with other goods are known as .......
Substitute Goods
Complementary Goods
Supplementary Goods
12
Is the price of the product on the list of things that determines demand?
No
Yes
13
If the price goes
up
, it is shown by
Moving up the existing curve
Shifting the curve to the left
Shifting the curve to the right
Moving down the existing curve
14
This diagram shows .....
a decrease in quantity demanded
an increase in demand
a decrease in demand
an increase in quantity demanded
15
If there is a
decrease
in demand, it is shown by ......
Moving down the existing curve
Shifting the curve to the right
Moving up the existing curve
Shifting the curve to the left
16
The principle that says that people will buy more at lower prices
the demand effect
the law of quantity demanded
the price effect
the price law
17
The vertical axis of a graph showing demand is labeled .......
Price
Quantity Demanded
Units
Quantity
18
Demand curves slope in this direction
Downward to the Left
Upward to the Right
Upward to the Left
Downward to the Right
19
Which of the following is
NOT
a determinant of demand.
Future Expectations
The price of substitute goods
The price of the product
Income
20
Goods that don't "follow the rules" are known as .....
Inferior Goods
Rebel Goods
Contra Goods
