5 Written questions
5 Matching questions
- normal goods
- complementary goods
- supply curve
- inferior good
- a a good for which, other things equal, an increase in income leads to a decrease in demand
- b goods that are used together with others, usually demanded together. Price of one good goes up, demand for other goes down (gas/motor oil, tuition/textbooks)
- c offering goods and services for sale
- d a graph of the relationship between the price of a good and the quantity supplied
- e Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
5 Multiple choice questions
- consumers buy more of a good when its price decreases and less when its price increases
- the property of being an amount by which something is less than expected or required
- the quantity supplied and the quantity demanded at the equilibrium price
- the ability and desire to purchase goods and services
- the change in consumption resulting from a change in real income
5 True/False questions
change in quantity demanded → a movement along the demand curve that occurs in response to a change in price
surplus → offering goods and services for sale
change in supply → 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.
demand curve → a graph of the relationship between the price of a good and the quantity demanded
price floor → maximum price that can be charged for goods and services, set by the government.