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5 Written questions

5 Matching questions

  1. shortage
  2. income effect
  3. law of demand
  4. substitute good
  5. determinants of supply
  1. a consumers buy more of a good when its price decreases and less when its price increases
  2. b the property of being an amount by which something is less than expected or required
  3. c Factors such as input prices, productivity, and the legal-institutional environment that, if they change, shift the aggregate supply curve.
  4. d the change in consumption resulting from a change in real income
  5. e goods that can be used to replace the purchase of similar goods when prices rise

5 Multiple choice questions

  1. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
  2. a table that shows the relationship between the price of a good and the quantity supplied
  3. factors other than price that determine the quantities demanded of a good or service
  4. a graph of the relationship between the price of a good and the quantity supplied
  5. a good for which, other things equal, an increase in income leads to a decrease in demand

5 True/False questions

  1. price floormaximum price that can be charged for goods and services, set by the government.

          

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

          

  3. demand curvea graph of the relationship between the price of a good and the quantity supplied

          

  4. law of supplyconsumers buy more of a good when its price decreases and less when its price increases

          

  5. surplusoffering goods and services for sale