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5 Written questions

5 Matching questions

  1. law of supply
  2. determinants of demand
  3. supply
  4. income effect
  5. normal goods
  1. a offering goods and services for sale
  2. b Tendency of suppliers to offer more of a good at a higher price
  3. c factors other than price that determine the quantities demanded of a good or service
  4. d Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
  5. e the change in consumption resulting from a change in real income

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 graph of the relationship between the price of a good and the quantity supplied
  3. consumers buy more of a good when its price decreases and less when its price increases
  4. a good for which, other things equal, an increase in income leads to a decrease in demand
  5. floor below which prices are not allowed to fall

5 True/False questions

  1. surplusexcess


  2. 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)


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


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


  5. demand schedulea table that shows the relationship between the price of a good and the quantity demanded