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Economics Quiz Chapter 3

10 Questions  I  By Thaberman
Economics Quiz Chapter 3
This quiz will be over sections 1 and 2 in chapter 3

  
Changes are done, please start the quiz.


Question Excerpt

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1.  Choose the best response that explains the concept of diminishing marginal utility.  Is it:
A.
B.
C.
D.
2.  The Demand curve is a chart whereas the Demand schedule is a graph that is plotted?
A.
B.
3.  Consumer demand for _____________________ products is an example of the substitution effect at work.  Generic products are _____  _________________ name products.
4.  If we have an increase in the demand curve (D2) we will have a shift to the right? If we have a decrease in the demand curve (D3) we will have a shift to the left?
A.
B.
5.  What was the name of the muscial group in the section under Consumer Tastes and Preferences.  They were talking about the demand curve and shifting of prices.  __________________    ___________________
6.  Give me one example of the substitution effect.
7.  What is the relationship between market size and what happens to the demand of a certain product.
8.  Explain what the difference is between demand and quantity demanded?
9.  The law of demand states that an increase in a good's price causes a decrease in the quantity demanded and that a decrease in price causes an increase in the quantity demanded?
A.
B.
10.  Check box all of the below examples that would be considered an Income Effect.
A.
B.
C.
D.
E.
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