The Substitution Effect in Macroeconomics: Definition & Example

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The substitution effect says that. . .

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. An example of the substitution effect at work is:

2. An example of the substitution effect is when _____

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

This quiz and attached worksheet will help gauge your understanding of the substitution effect in economics. Topics you will need to know in order to pass the quiz include

Quiz & Worksheet Goals

Use these assessment tools to measure your knowledge of:

  • What does the substitution effect state
  • Identify examples of substitution effect at work

Skills practiced

This worksheet and quiz let you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related substitution effect in economics lesson
  • Critical thinking - apply relevant concepts to examine information about the substitution effect in economics in a different light
  • Interpreting information - verify that you can read information regarding the substitution effect in economics and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the substitution effect in economics

Additional Learning

To learn more about the substitution effect in economics, review the lesson The Substitution Effect in Macroeconomics: Definition & Example which covers the following objectives:

  • Substitute goods
  • Chicken versus red meat
  • Tea versus coffee
  • Private versus public universities
Support