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5 Written questions

5 Matching questions

  1. substitution effect
  2. price ceiling
  3. income effect
  4. economic efficiency
  5. normal good
  1. a condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  2. b a good for which, other things equal, an increase in income leads to an increase in demand
  3. c when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  4. d a maximum price that can be legally charged for a good or service
  5. e the change in consumption resulting from a change in real income

5 Multiple choice questions

  1. the difference between the price recived by the seller and his or her reservation price
  2. the differnce between the buyers reservation price and the pice he or she actually pays
  3. the largest dollar amount the buyer would be willing to pay for a good
  4. a movement along the supply curve that occurs in response to a change in price
  5. economic metaphor for unexploited gains from exchange

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. excess supplywhen quantity demanded is more than quantity supplied


  3. market equilibriuma situation in which quantity demanded equals quantity supplied


  4. markettwo goods that are bought and used together


  5. complementstwo goods that are bought and used together