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