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Mr. Campbell’s Economics Class Demand Review. Click here to begin. Economics Review. If you can do well on this review, you will be in good shape for the test. Click here to continue. Ability. Desire. Willingness. Aptitude.
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Mr. Campbell’sEconomics ClassDemand Review Click here to begin
Economics Review If you can do well on this review, you will be in good shape for the test Click here to continue
Ability • Desire • Willingness • Aptitude Question #1Which of the following is NOT a requirement for demand to exist?
Click here to try again Wrong Answer!
Micro Economics • Econometrics Question #2The study of behaviors and decisions that people make is called? • PersonalFinance • Macro Economics
Listings • Picture • Graph Question #3A demand schedule is which of the following?
True • False Question #4The demand schedule shows various quantities of a product over a wide period of time?
FALSE • TRUE Question #5You normally have to create a demand schedule first, then create a demand graph
Positive • Inverse • Upward Sloping Question #6The Law of Demand (LoD) is what type of relationship?
TRUE • FALSE Question #7The LoD assumes that people behave normally.
Common sense • Barrier to entry • Amount wanted • Obstacle Question #8LoD: price represents a/an ______ for people to buy items
utility • demand • supply • inverse Question #9The amount of usefulness that someone gets from a product is called?
Diminishing Demand • Marginal Demand Question #10the extra satisfaction a person gets from using ONE more unit of product is called • Marginal Utility • Diminishing Utility
Diminishing marginal utility • DiminishingDemand • Diminishing Returns • Productivity Question #11the extra satisfaction a person gets from using one more product get less and less each time
Movement along • No change in • Shift in Question #12The change in price causes a ______ the demand curve
In opposite directions • No change in Question #13If a product has an inelastic demand, price and expenditure move … • In same direction
Demand for fewer products • Demand for more products Question #14when prices increase, the demand for g/s will result in? • Increased demand for complements • Reduced demand for substitutes
substitutes • unrelated • complements Question #15Two products that are closely related together in their demand are called • elastic
create consumer needs • increase income effectiveness • minimize the income effect • create consumer demand Question #16 Advertising, fashion trends, and new product introductions serve to
Complementary • Substitutes • Elastic • Inelastic Question #17A price increase has little or no effect on how much people buy, the demand for the product is
Income Effect • Consumer Tastes Question #18Which of the following DOES NOT cause a movement along the DC • Substitution Effect
People ability to substitute one good for another • The number of consumers buying a product • Peoples real income Substitutes available for purchase Question #19The income effect alters what?
Replace one expensive item with a cheaper item • Increase their income to buy whatever they want Question #20The substitution effect allows consumers to … • Increase Demand for the original product
Move prices along the DC • Shift the DC left • Have no effect on the DC • Shift the DC right Question #21When an item may cause poor health, or you are just tired of something, that will …
substitutes • unrelated • complements • elastic Question #22Two products that are closely related together in their demand are called
TRUE • FALSE Question #23When consumer income rises, demand rises as well, shifting the DC left for any given product
substitutes • unrelated • complements Question #24when the price for good A increase, the demand for good B also increase, these goods are … • elastic