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5 Written questions

5 Matching questions

  1. total surplus
  2. excess supply
  3. substitution effect
  4. market equilibrium
  5. equilibrium price
  1. a the price that balances quantity supplied and quantity demanded
  2. b when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  3. c a situation in which quantity demanded equals quantity supplied
  4. d when quantity supplied is more than quantity demanded
  5. e The difference between the buyer's reservation price and the seller's reservation price

5 Multiple choice questions

  1. the world of commercial activity where goods and services are bought and sold
  2. A 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. the change in consumption resulting from a change in real income
  4. a maximum price that can be legally charged for a good or service
  5. the largest dollar amount the buyer would be willing to pay for a good

5 True/False questions

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


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


  3. economic efficiencycondition that occurs when all goods and services are produced and consumed at their respective socially optimal levels


  4. sellers surplusthe difference between the price recived by the seller and his or her reservation price


  5. equilibriumthe price that balances quantity supplied and quantity demanded