Chapter 20:
Demand
1.
For demand to exist a consumer must __________.
a.
have the desire to buy a good or service
b.
have the money to buy a good or service
c.
have the desire and willingness to buy a good or service
d.
have the desire, willingness, and ability to buy a good or service
2.
According to the law of demand, quantity demanded and price __________.
a.
move in opposite directions
b.
move in the same direction
c.
are unrelated
d.
can be determined separately
3.
The pleasure, usefulness, and satisfaction a consumer gets from using a product is called __________.
a.
collateral
b.
utility
c.
contraction
d.
durability
4.
A table that shows the quantity demanded of a good or service at each possible price is called a __________.
a.
market graph
b.
quantity schedule
c.
demand schedule
d.
market-demand graph
5.
When you experience less satisfaction from eating the fourth slice of pizza than you did the first, it is an example of __________.
a.
demand drop-off
b.
marginal scale drop
c.
diminishing marginal utility
d.
utility decline
6.
Movement of population into a market area can lead to __________.
a.
an increase in demand
b.
a decrease in demand
c.
no change in demand
d.
unemployment
7.
When demand decreases, the demand curves __________.
a.
shifts to the left
b.
shifts to the right
c.
curves upward
d.
forms a horizontal line
8.
An example of substitutes would be __________.
a.
coffee and tea
b.
cars and gasoline
c.
videotapes and VCRs
d.
pharmacists and medicine
9.
An example of complementary goods would be __________.
a.
margarine and butter
b.
pens and pencils
c.
computers and software
d.
trains and airplanes
10.
If changes in price have little effect on the demand for a product, the demand is considered __________.
a.
elastic
b.
stretchable
c.
static
d.
inelastic
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Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
Unit 6
Unit 7
Unit 8
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
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28
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