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5 Written questions

5 Matching questions

  1. change in supply
  2. normal goods
  3. equilibrium price
  4. surplus
  5. income effect
  1. a excess
  2. b the change in consumption resulting from a change in real income
  3. c 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.
  4. d the price that balances quantity supplied and quantity demanded
  5. 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

  1. the property of being an amount by which something is less than expected or required
  2. the quantity supplied and the quantity demanded at the equilibrium price
  3. factors other than price that determine the quantities demanded of a good or service
  4. maximum price that can be charged for goods and services, set by the government.
  5. goods that can be used to replace the purchase of similar goods when prices rise

5 True/False questions

  1. supplyexcess


  2. determinants of supplyFactors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.


  3. substitution effectwhen consumers react to an increase in a good's price by consuming less of that good and more of other goods


  4. law of supplyTendency of suppliers to offer more of a good at a higher price


  5. complementary goodsgoods 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)