Transcript Mr. Campbell*s Economics Class Demand Review

Mr. Campbell’s
Economics Class
Demand Review
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begin
Economics Review
If you can do well
on this review, you
will be in good
shape for the test
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continue
Question #1
Which of the following is NOT
a requirement for demand to
exist?
Desire
Aptitude
Ability
Willingness
Correct
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Question #2
The study of behaviors and
decisions that people make is
called?
Econometrics
Macro
Economics
Micro
Economics
Personal
Finance
Correct
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Question #3
A demand schedule is which of
the following?
Picture
Listings
Graph
Correct
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Question #4
The demand schedule shows
various quantities of a product
over a wide period of time?
True
False
Correct
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Question #5
You normally have to create a
demand schedule first, then
create a demand graph
TRUE
FALSE
Correct
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Question #6
The Law of Demand (LoD) is
what type of relationship?
Inverse
Upward
Sloping
Positive
Correct
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Question #7
The LoD assumes that people
behave normally.
TRUE
FALSE
Correct
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Question #8
LoD: price represents a/an
______ for people to buy
items
Barrier to
entry
Obstacle
Common
sense
Amount
wanted
Correct
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Question #9
The amount of usefulness that
someone gets from a product is
called?
demand
inverse
utility
supply
Correct
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Question #10
the extra satisfaction a person
gets from using ONE more unit
of product is called
Marginal
Demand
Diminishing
Utility
Diminishing
Demand
Marginal
Utility
Correct
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Question #11
the extra satisfaction a person
gets from using one more
product get less and less each
time
Diminishing
marginal
utility
Diminishing
Returns
Diminishing
Demand
Productivity
Correct
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Question #12
The change in price causes a
______ the demand curve
Movement
along
Shift in
No change in
Correct
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Question #13
If a product has an inelastic
demand, price and expenditure
move …
In opposite
directions
In same
direction
No change in
Correct
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Question #14
when prices increase, the
demand for g/s will result in?
Demand
for more
products
Reduced demand
for substitutes
Demand for
fewer
products
Increased
demand for
complements
Correct
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Question #15
Two products that are closely
related together in their
demand are called
substitutes
elastic
unrelated
complements
Correct
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Question #16
Advertising, fashion trends,
and new product introductions
serve to
create
consumer
needs
create
consumer
demand
increase
income
effectiveness
minimize the
income
effect
Correct
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Question #17
A price increase has little or no
effect on how much people buy,
the demand for the product is
Complementary
Inelastic
Substitutes
Elastic
Correct
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Question #18
Which of the following DOES
NOT cause a movement along
the DC
Income
Effect
Consumer
Tastes
Substitution
Effect
Correct
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Question #19
The income effect alters what?
People ability to
substitute one
good for
another
The number of
consumers
buying a
product
Peoples real
income
Substitutes
available for
purchase
Correct
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Question #20
The substitution effect allows
consumers to …
Replace one
expensive item
with a cheaper
item
Increase their
income to buy
whatever they
want
Increase Demand for
the original product
Correct
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Question #21
When an item may cause poor
health, or you are just tired of
something, that will …
Move prices
along the DC
Shift the
DC left
Shift the DC
right
Have no
effect on the
DC
Correct
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Question #22
Two products that are closely
related together in their
demand are called
substitutes
elastic
unrelated
complements
Correct
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Question #23
When consumer income rises,
demand rises as well, shifting the
DC left for any given product
TRUE
FALSE
Correct
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Question #24
when the price for good A
increase, the demand for good
B also increase, these goods
are …
substitutes
elastic
unrelated
complements
Correct
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Question #25
which of the following are NOT
complementary goods?
Cars and
tires
Butter and
margarine
PBJ
Ketchup and
french
fries
Correct
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Question #26
If you think prices are going
up NEXT week, you will buy
____
More next
week
More this
week
Less right
now
None at all
Correct
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Question #27
If you have more consumers
competing for one product,
then the DC will …
Shift left
Not shift
Move along
the curve
Shift right
Correct
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Question #28
Elasticity measures the
responsiveness of quantity to
a change in …
taste
price
expectations
Correct
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Question #29
when a change in price causes a
relatively larger change in
quantity demanded, a product is
said to be …
elastic
inelastic
Correct
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Question #30
when a customer’s demand for
a product moves in the amount
(percentage wise) as the price
increase, it is
elastic
inelastic
Unit
elastic
Correct
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Question #31
The LoD has a ________
relationship between price and
quantity wanted
proportional
inverse
complementary
Correct
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Question #32
If you ask your self “can this
purchase be delayed?” and you
say yes, then the product is …
inelastic
complementary
substitutes
elastic
Correct
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Question #33
the period of production that is too
short for any adjustments in
production, other than labor, is
called …
Long run
Short run
Correct
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Question #34
if you multiple the price of a
product times the quantity
demanded (sold), it is called?
Inelastic
demand
Law of Supply
Marginal price
Total
Expenditure
Correct
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Congratulations
If you did well on this review, you will do
well on the test on Tuesday
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to see the
test format
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to complete
the Review
Test Format
The test is set up as:



Five True / False Questions
Thirteen Multiple Choice Questions
Ten Matching Questions
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for more
test info
General Test Info
Test will be scantron format (bring a
pencil)
There will be bonus questions (general
economics and cultural knowledge)
There will be a headlines part, a demand
graph, and the test questions (three
parts)
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complete the Review
Good luck on the test
on Tuesday!