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Demand Quiz 10262018

Fundamentals of Demand for week 10/22

  1.  
    WHAT IS THE DEFINITION OF DEMAND?
    A. THE QUALITY A CONSUMER IS WILLING AND ABLE TO PURCHASE AT EACH PRICE B. THE QUANTITY A CONSUMER IS WILLING TO PURCHASE AT EACH PRICE C. THE QUANTITY A CONSUMER IS WILLING AND ABLE TO PURCHASE AT EACH PRICE
  2.  
    DEMAND HAS HOW MANY PARTS TO IT?
    A. 3 B. 2 C. 1
  3.  
    WHAT IS THE LAW OF DEMAND?
    A. WHEN A GOOD’S PRICE IS LOWER, CONSUMERS WILL BUY MORE OF IT. WHEN THE PRICE IS HIGHER, CONSUMERS WILL BUY MORE OF IT. B. WHEN A GOOD’S PRICE IS LOWER, CONSUMERS WILL BUY MORE OF IT. WHEN THE PRICE IS HIGHER, CONSUMERS WILL BUY LESS OF IT. C. WHEN A GOOD’S PRICE IS LOWER, CONSUMERS WILL BUY MORE OF IT. WHEN THE PRICE IS HIGHER, CONSUMERS WILL SELL LESS OF IT.
  4.  
    WHY IS A DEMAND SCHEDULE IMPORTANT?
    A. BECAUSE IT IS A GRAPH THAT LISTS THE QUANTITY OF A GOOD THAT A PERSON WILL PURCHASE AT VARIOUS PRICES IN A MARKET. B. BECAUSE IT IS A TABLE THAT LISTS THE QUANTITY OF A GOOD THAT A PERSON WILL PURCHASE AT VARIOUS PRICES IN A MARKET. C. BECAUSE IT IS A SCHEDULE THAT SHOWS THE QUANTITY OF A GOOD THAT A PERSON WILL PURCHASE AT VARIOUS TIMES IN A MARKET.
  5.  
    DESCRIBE SUBSTITUTION EFFECT
    A. A CONSUMER REACTS TO A RISE IN THE PRICE OF ONE GOOD BY CONSUMING MORE OF THAT GOOD AND MORE OF A SUBSTITUTE GOOD. B. A CONSUMER REACTS TO A RISE IN THE PRICE OF ONE GOOD BY CONSUMING LESS OF THAT GOOD AND MORE OF A SUBSTITUTE GOOD. C. A CONSUMER REACTS TO A FALL IN THE PRICE OF ONE GOOD BY CONSUMING LESS OF THAT GOOD AND MORE OF A SUBSTITUTE GOOD.
  6.  
    WHAT IS THE DEFINITION FOR AESTHETIC?
    A. CONCERNED WITH BEAUTY OR THE APPRECIATION OF BEAUTY. B. CONCERNED WITH ATHEISM OR THE APPRECIATION OF BEAUTY. C. CONCERNED WITH PRUDENCE OR THE APPRECIATION OF BEAUTY.
  7.  
    DEFINE MACROECONOMICS
    A. THE STUDY OF ECONOMIC BEHAVIOR AND DECISION-MAKING IN A NATION'S WHOLE ECONOMY. B. THE STUDY OF ECONOMIC BEHAVIOR AND DECISION-MAKING IN SMALL UNITS, SUCH AS HOUSEHOLDS AND FIRMS. C. THE STUDY OF ECONOMIC BEHAVIOR AND DECISION-MAKING THAT TAKES PLACE DURING NOVEMBER WHICH IS THE MARKET MONTH FOR ECONOMISTS.
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Demand Quiz 10262018 (Answer Key)

Fundamentals of Demand for week 10/22

  1.  
    WHAT IS THE DEFINITION OF DEMAND?
    A. THE QUALITY A CONSUMER IS WILLING AND ABLE TO PURCHASE AT EACH PRICE B. THE QUANTITY A CONSUMER IS WILLING TO PURCHASE AT EACH PRICE C. THE QUANTITY A CONSUMER IS WILLING AND ABLE TO PURCHASE AT EACH PRICE
  2.  
    DEMAND HAS HOW MANY PARTS TO IT?
    A. 3 B. 2 C. 1
  3.  
    WHAT IS THE LAW OF DEMAND?
    A. WHEN A GOOD’S PRICE IS LOWER, CONSUMERS WILL BUY MORE OF IT. WHEN THE PRICE IS HIGHER, CONSUMERS WILL BUY MORE OF IT. B. WHEN A GOOD’S PRICE IS LOWER, CONSUMERS WILL BUY MORE OF IT. WHEN THE PRICE IS HIGHER, CONSUMERS WILL BUY LESS OF IT. C. WHEN A GOOD’S PRICE IS LOWER, CONSUMERS WILL BUY MORE OF IT. WHEN THE PRICE IS HIGHER, CONSUMERS WILL SELL LESS OF IT.
  4.  
    WHY IS A DEMAND SCHEDULE IMPORTANT?
    A. BECAUSE IT IS A GRAPH THAT LISTS THE QUANTITY OF A GOOD THAT A PERSON WILL PURCHASE AT VARIOUS PRICES IN A MARKET. B. BECAUSE IT IS A TABLE THAT LISTS THE QUANTITY OF A GOOD THAT A PERSON WILL PURCHASE AT VARIOUS PRICES IN A MARKET. C. BECAUSE IT IS A SCHEDULE THAT SHOWS THE QUANTITY OF A GOOD THAT A PERSON WILL PURCHASE AT VARIOUS TIMES IN A MARKET.
  5.  
    DESCRIBE SUBSTITUTION EFFECT
    A. A CONSUMER REACTS TO A RISE IN THE PRICE OF ONE GOOD BY CONSUMING MORE OF THAT GOOD AND MORE OF A SUBSTITUTE GOOD. B. A CONSUMER REACTS TO A RISE IN THE PRICE OF ONE GOOD BY CONSUMING LESS OF THAT GOOD AND MORE OF A SUBSTITUTE GOOD. C. A CONSUMER REACTS TO A FALL IN THE PRICE OF ONE GOOD BY CONSUMING LESS OF THAT GOOD AND MORE OF A SUBSTITUTE GOOD.
  6.  
    WHAT IS THE DEFINITION FOR AESTHETIC?
    A. CONCERNED WITH BEAUTY OR THE APPRECIATION OF BEAUTY. B. CONCERNED WITH ATHEISM OR THE APPRECIATION OF BEAUTY. C. CONCERNED WITH PRUDENCE OR THE APPRECIATION OF BEAUTY.
  7.  
    DEFINE MACROECONOMICS
    A. THE STUDY OF ECONOMIC BEHAVIOR AND DECISION-MAKING IN A NATION'S WHOLE ECONOMY. B. THE STUDY OF ECONOMIC BEHAVIOR AND DECISION-MAKING IN SMALL UNITS, SUCH AS HOUSEHOLDS AND FIRMS. C. THE STUDY OF ECONOMIC BEHAVIOR AND DECISION-MAKING THAT TAKES PLACE DURING NOVEMBER WHICH IS THE MARKET MONTH FOR ECONOMISTS.

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