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5 Written questions

5 Matching questions

  1. supply
  2. equilibrium price
  3. law of demand
  4. determinants of supply
  5. change in supply
  1. a the price that balances quantity supplied and quantity demanded
  2. b 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. c offering goods and services for sale
  4. d consumers buy more of a good when its price decreases and less when its price increases
  5. e Factors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.

5 Multiple choice questions

  1. Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
  2. the property of being an amount by which something is less than expected or required
  3. the ability and desire to purchase goods and services
  4. the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
  5. a graph of the relationship between the price of a good and the quantity demanded

5 True/False questions

  1. demand schedulea table that shows the relationship between the price of a good and the quantity supplied

          

  2. price cellingmaximum price that can be charged for goods and services, set by the government.

          

  3. inferior goodGoods for which demand goes up when income is higher and for which demand goes down when income is lower.

          

  4. substitute goodgoods that can be used to replace the purchase of similar goods when prices rise

          

  5. surplusexcess