5 Written questions
5 Matching questions
- equilibrium price
- law of demand
- determinants of supply
- change in supply
- a the price that balances quantity supplied and quantity demanded
- 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.
- c offering goods and services for sale
- d consumers buy more of a good when its price decreases and less when its price increases
- 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
- Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
- the property of being an amount by which something is less than expected or required
- the ability and desire to purchase goods and services
- the principle that our additional satisfaction, or our marginal utility, tends to go down as more and more units are consumed
- a graph of the relationship between the price of a good and the quantity demanded
5 True/False questions
demand schedule → a table that shows the relationship between the price of a good and the quantity supplied
price celling → maximum price that can be charged for goods and services, set by the government.
inferior good → Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
substitute good → goods that can be used to replace the purchase of similar goods when prices rise
surplus → excess