Chapter 4:
Demand
1.
Demand is best described as __________.
a.
wants but not needs
b.
the desire, willingness, and ability to buy a product
c.
a measure of the pleasure or satisfaction one gets from consuming a good or service
d.
expenditures by business on plants and equipment
2.
According to the Law of Demand, when the price of a good is lowered, demand __________.
a.
increases
b.
decreases
c.
stays the same
d.
fluctuates
3.
A change in quantity demanded is __________.
a.
the amount consumers would buy if prices increased
b.
a change in the quantity of a product purchased in response to a change in price
c.
a table recording the number of units of a good or service demanded
d.
the desire to purchase a certain number of units of a good or service at a given price
4.
A change in demand means that __________.
a.
manufacturers can increase production by hiring more workers
b.
prices remain constant for a long period of time
c.
consumers are willing to buy different amounts of a product at the same prices
d.
increasing the quality of a product will lead to more sales
5.
The extent to which a change in price causes a change in the quantity demanded is called __________.
a.
demand elasticity
b.
the substitution effect
c.
marginal utility
d.
the market supply schedule
6.
If demand for an item decreases with a small increase in its price, demand for that item is __________.
a.
inelastic
b.
unit elastic
c.
elastic
d.
perfectly inelastic
7.
If a product has many substitutes, demand for that product tends to be __________.
a.
elastic
b.
inelastic
c.
unit elastic
d.
perfectly inelastic
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Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
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