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5 Written questions

5 Matching questions

  1. normal good
  2. socially optimal quantity
  3. excess demand
  4. income effect
  5. substitutes
  1. a the change in consumption resulting from a change in real income
  2. b two goods for which an increase in the price of one leads to an increase in the demand for the other
  3. c when quantity demanded is more than quantity supplied
  4. d a good for which, other things equal, an increase in income leads to an increase in demand
  5. e The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.

5 Multiple choice questions

  1. economic metaphor for unexploited gains from exchange
  2. a situation in which quantity demanded equals quantity supplied
  3. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  4. a good for which, other things equal, an increase in income leads to a decrease in demand
  5. the largest dollar amount the buyer would be willing to pay for a good

5 True/False questions

  1. change in supplyA change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right.

          

  2. demand curvea graph of the relationship between the price of a good and the quantity demanded

          

  3. change in demanda change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right.

          

  4. buyers surplusthe difference between the price recived by the seller and his or her reservation price

          

  5. equilibrium pricea sensory system located in structures of the inner ear that registers the orientation of the head

          

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