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5 Written questions

5 Matching questions

  1. supply
  2. normal goods
  3. complementary goods
  4. supply curve
  5. inferior good
  1. a a good for which, other things equal, an increase in income leads to a decrease in demand
  2. b 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)
  3. c offering goods and services for sale
  4. d a graph of the relationship between the price of a good and the quantity supplied
  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. consumers buy more of a good when its price decreases and less when its price increases
  2. the property of being an amount by which something is less than expected or required
  3. the quantity supplied and the quantity demanded at the equilibrium price
  4. the ability and desire to purchase goods and services
  5. the change in consumption resulting from a change in real income

5 True/False questions

  1. change in quantity demandeda movement along the demand curve that occurs in response to a change in price

          

  2. surplusoffering goods and services for sale

          

  3. change in supplyA 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. demand curvea graph of the relationship between the price of a good and the quantity demanded

          

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