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5 Written Questions

5 Matching Questions

  1. inferior good
  2. complementary goods
  3. diminishing marginal utility
  4. supply
  5. determinants of supply
  1. a goods that are used together with others, usually demanded together. Price of one good goes up, demand for other goes down (gas/motor oil, tuition/textbooks)
  2. b offering goods and services for sale
  3. c a good for which, other things equal, an increase in income leads to a decrease in demand
  4. d the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
  5. e Factors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.

5 Multiple Choice Questions

  1. the ability and desire to purchase goods and services
  2. Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
  3. excess
  4. consumers buy more of a good when its price decreases and less when its price increases
  5. the change in consumption resulting from a change in real income

5 True/False Questions

  1. supply curvea graph of the relationship between the price of a good and the quantity supplied


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


  3. equilibrium pricethe quantity supplied and the quantity demanded at the equilibrium price


  4. demand schedulea table that shows the relationship between the price of a good and the quantity demanded


  5. price cellingfloor below which prices are not allowed to fall


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