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5 Written Questions

5 Matching Questions

  1. price floor
  2. inferior good
  3. substitute good
  4. normal goods
  5. demand
  1. a floor below which prices are not allowed to fall
  2. b a good for which, other things equal, an increase in income leads to a decrease in demand
  3. c Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
  4. d goods that can be used to replace the purchase of similar goods when prices rise
  5. e the ability and desire to purchase goods and services

5 Multiple Choice Questions

  1. a table that shows the relationship between the price of a good and the quantity demanded
  2. excess
  3. the change in consumption resulting from a change in real income
  4. the property of being an amount by which something is less than expected or required
  5. when consumers react to an increase in a good's price by consuming less of that good and more of other goods

5 True/False Questions

  1. supply curveoffering goods and services for sale

          

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

          

  3. law of supplyTendency of suppliers to offer more of a good at a higher price

          

  4. law of demandTendency of suppliers to offer more of a good at a higher price

          

  5. determinants of supplyfactors other than price that determine the quantities demanded of a good or service

          

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