NAME: ________________________

Chapter 4: Microeconomics Test

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5 Written Questions

4 Multiple Choice Questions

  1. goods for which the rise or fall in price greatly affects the amount of the product that people are willing to buy/demand.
  2. indicates movement along the same demand curve to a lower or higher price and quantity demanded.
  3. desire to own a product.
  4. amount of additional satisfaction

4 True/False Questions

  1. Change in demandindicates a shift in the entire demand curve to the right or left. (Right-increase.. left-decrease)


  2. utilitySubstitutes (goods)as price of substitute decreases, demand for the original item also decreases.


  3. Substitutesif the price of one similar item rises in relation to the price of another, people will substitutes the lower priced item.


  4. demand schedulea graph showing the quantity demanded at each and every price that might prevail in the market.


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