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3 Written questions

3 Multiple choice questions

  1. goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)
  2. anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region
  3. the point at which quantity demanded and quantity supplied are equal

3 True/False questions

  1. price elasticityA measure of the sensitivity of demand to changes in price


  2. supply and demandan economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)


  3. market -clearing pricethe price at which the amount supplied is equal to the amount demanded


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