Have an account?
Skip to Content
Build your own quiz
16 questions
Show Answers
See Preview
- 1. Multiple ChoiceA complement example would be all exceptbutter and margarinepeanut-butter and jellyflashlight and batteriescameras and film
- 2. Multiple ChoiceWhen replacing a certain item with with a less costly item is an example ofthe substitution effectthe income effectdemand elasticitycomplements
- 3. Multiple ChoiceBuying one ice-cream instead of two at lunch describes what conceptmarginal utilitydiminishing marginal utilitydemandconsumerism
- 4. Multiple ChoiceAn increase in the number of consumers can causethe demand curve to shift leftthe demand curve to shift rightthe demand curve to shift updiminishing returns
- 5. Multiple Choicewhen consumers have a need for a product that is urgentthe demand curve is inelasticthe demand curve is elasticthe demand curve is complementarythe demand curve is unit demand
- 6. Multiple ChoiceArea of economics that deals with behaviors and decision making of unitsMicroeconomicsdemand curvedemandmarginal utility
- 7. Multiple ChoiceA graph showing the quantity demandeddemand curvemarginal utilitydemand
- 8. Multiple ChoiceThe desire, ability and willingness to buy a productDemandSupplyConsume
- 9. Multiple ChoiceThe extra usefulness of satisfaction a person gets from acquiring of using one or more unit of a productelasticitymarginal utilitysubstitutesincome effect
- 10. Multiple ChoiceProducts that tend to be used togethercomplementssubstitutesgoodsneeds
- 11. Multiple ChoiceDescribes very little a change in demand with a large change in priceelasticinelasticdemand curveprice
- 12. Multiple ChoiceThe amount that consumers spend on a product at a particular pricemarginal utilitydemandtotal expenditures
- 13. Multiple ChoiceProducts that can be used in a place of other productssubstitutesgoodssubstitution effect
- 14. Multiple ChoiceAn increase or a decrease in quantity demanded due to a change in the relative price of the replacement productSubstituteSubstitute effectmarginal utilityincome effect
- 15. Multiple ChoiceChange in quantity demanded due to a change in price that alters a consumers real incomeelasticityinelasticincome effecttotal expenditures
- 16. Multiple ChoiceAn increase in demand will shift the demand curve...RightLeftno movementno change
- Answer choicesTagsAnswer choicesTags