Exit Slip Chapter 4 Understanding Demand

Name: ______________________ Date: ________________________ Period: ______________________ Ch. Section: Sections 1&2

_______ 1. How many slices of pizza will the pizzeria owner sell at $2.00 a slice?

A) 250

B) 200

C) 150

D) 100

_______ 2. Which of the following correctly lists the main factors that shift the demand curve? A) Income, consumer tastes & pref., consumer expectations, population, price of related goods B) Income, consumer tastes & pref., price of the commodity, population, price of related goods _______ 3. As the price of a pizza increases, what happens to the quantity demanded? A) It increases. C) It remains the same. B) It decreases. D) There isnt enough information to answer the question

_______ 4. The change in consumption resulting from a change in income demonstrates the: A) Income effect B) Substitution effect

_______ 5. When consumers react to an increase in a goods price by consuming less of that good and more of other goods demonstrates the: A) Income effect B) Substitution effect