NAME: ________________________

micro economics Test

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3 Written Questions

3 Multiple Choice Questions

  1. the branch of economics that studies the economy of consumers or households or individual firms
  2. anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region
  3. goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)

3 True/False Questions

  1. economic interdependenceto rely on others, and others rely on them, to provide the goods and services that we consume, a reliance on others, as they rely on you, to provide goods and services to be consumed

          

  2. price elasticityA measure of the sensitivity of demand to changes in price

          

  3. equilibriumthe point at which quantity demanded and quantity supplied are equal

          

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