NAME

Question types


Start with


Question limit

of 25 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Matching questions

  1. law of supply
  2. law of demand
  3. shortage
  4. complementary goods
  5. inferior good
  1. a the property of being an amount by which something is less than expected or required
  2. b a good for which, other things equal, an increase in income leads to a decrease in demand
  3. c 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)
  4. d Tendency of suppliers to offer more of a good at a higher price
  5. e consumers buy more of a good when its price decreases and less when its price increases

5 Multiple choice questions

  1. factors other than price that determine the quantities demanded of a good or service
  2. the quantity supplied and the quantity demanded at the equilibrium price
  3. a graph of the relationship between the price of a good and the quantity demanded
  4. Factors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.
  5. a table that shows the relationship between the price of a good and the quantity supplied

5 True/False questions

  1. equilibrium pricethe price that balances quantity supplied and quantity demanded

          

  2. price cellingfloor below which prices are not allowed to fall

          

  3. income effectthe change in consumption resulting from a change in real income

          

  4. supply curvea graph of the relationship between the price of a good and the quantity demanded

          

  5. change in supplyTendency of suppliers to offer more of a good at a higher price