Economics Quiz Chapter 3

10 Questions  I  By Thaberman on October 15, 2012
This quiz will be over sections 1 and 2 in chapter 3

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