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5 Written questions

5 Matching questions

  1. substitutes
  2. supply curve
  3. economic efficiency
  4. equilibrium quantity
  5. sellers surplus
  1. a two goods for which an increase in the price of one leads to an increase in the demand for the other
  2. b the quantity supplied and the quantity demanded at the equilibrium price
  3. c the difference between the price recived by the seller and his or her reservation price
  4. d condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels
  5. e a graph of the relationship between the price of a good and the quantity supplied

5 Multiple choice questions

  1. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  2. the differnce between the buyers reservation price and the pice he or she actually pays
  3. when quantity demanded is more than quantity supplied
  4. a sensory system located in structures of the inner ear that registers the orientation of the head
  5. the smallest amount for which a seller would be willing to sell am additional unit generally equal to the marginal cost

5 True/False questions

  1. socially optimal quantityThe quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.

          

  2. inferior gooda good for which, other things equal, an increase in income leads to a decrease in demand

          

  3. normal gooda good for which, other things equal, an increase in income leads to a decrease in demand

          

  4. efficiencythe ratio of the output to the input of any system

          

  5. market equilibriuma sensory system located in structures of the inner ear that registers the orientation of the head