Economics Principles & Practices

Chapter 4: Demand

Self-Check Quizzes

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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