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Ch 3 Individual Markets: Demand And Supply

10 Questions  I  By Ecofanics
Business Quizzes & Trivia
Review for ch 3 McConnell and Brue 15 ed.

  
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Question Excerpt

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1.  If price falls, there will be an increase in demand.
A.
B.
2.  Economists often make the assumption of other things equal to hold constant the effects of other factors when examining the relationship between prices and quantities demanded and supplied.
A.
B.
3.  A government subsidy for the production of a product will tend to decrease supply.
A.
B.
4.  An increase in income will tend to increase the demand for a product.
A.
B.
5.  An increase in resource prices will tend to decrease supply.
A.
B.
6.  An increase in the prices of other goods that could be made by the producers will tend to decrease the supply of the current good that the producer is making.
A.
B.
7.  Demand is the amount of a good or service that a buyer will purchase at a particular price.
A.
B.
8.  Supply is a schedule that shows the amounts of a product a producer can make in a limited amount of time.
A.
B.
9.  If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease.
A.
B.
10.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
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