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