Economics Quiz Chapter 3

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

  
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Question Excerpt

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1.  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.  __________________    ___________________
2.  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.
3.  Consumer demand for _____________________ products is an example of the substitution effect at work.  Generic products are _____  _________________ name products.
4.  The Demand curve is a chart whereas the Demand schedule is a graph that is plotted?
A.
B.
5.  What is the relationship between market size and what happens to the demand of a certain product.
6.  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.
7.  Give me one example of the substitution effect.
8.  Check box all of the below examples that would be considered an Income Effect.
A.
B.
C.
D.
E.
9.  Explain what the difference is between demand and quantity demanded?
10.  Choose the best response that explains the concept of diminishing marginal utility.  Is it:
A.
B.
C.
D.
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