APPLIED ECO.PRELIMRETAKE
Quiz by Bernardita Dalisay
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19 questions
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- Q1The equilibrium present in a marketthe price of the product will tend to risequantity supplied exceeds quantity demandedquantity demanded equals quantity suppliedquantity demanded exceeds quantity supplied20s
- Q2If the real income of a consumer decreases and, as a result, his demand for product X increases, it can be concluded that product X is a/annormal goodinferior goodsubstitute goodcomplementary good20s
- Q3if beer and junk food are complementary goods, then an increase in the price of beer will result in;increase in the demand for junk fooddecrease in the demand for beerdecrease in the demand for junk foodincrease in the demand for beer30s
- Q4excess demand occurs whenevergood are scarcequantity demanded is less then quantity suppliedactual price is greater than the equilibrium priceactual price is less than the equilibrium price30s
- Q5an inferior good is a productfor which the demand falls as income increasesfor which the demand increases as income increasesfor which there is no demandthat is not expensive30s
- Q6price elasticity of demand measuresthe response between two goods when the price of one good changesthe change in quantity supplied to the change in pricethe extent to which a demand curve shifts from the change in the outside factorconsumer responsiveness to price change30s
- Q7an improvement in a competitive seller's technology is likely to result in:a shift of his supply curve to the rightan increase in the quantity offered for sale at each pricean increase in his supplyall of these30s
- Q8demand shows the relationship betweenthe price of good and the quantity consumers are willing and able to buy in a given time period.income and quantity demanded per unit of timeincome and quantity needed per unit of timeprice of good and the available quantity of that good per unit of time30s
- Q9another term used for equilibriumstablestaticnone of the abovebalance10s
- Q10it reflects the desire of the consumer for the commoditysupplymarketdemandsupply schedule10s
- Q11the responsiveness of the demand/supply to a change in its determinants.point elasticityelasticityarc elasticityprice elasticity10s
- Q12which of the following is true?the supplies of inputs used affect the supply of a goodthe lower the price of the good, the smaller the quantity that will be offered by the supplierall of the above are truethe lower the price of the good, the bigger the quantity that will be demanded by the buyer30s
- Q13the Ceteris Paribus assumes that:non price factor is not constantprice factor is constantnon price factor is constantprice factor is not constant20s
- Q14demand for television increases despite the increase in price is due to a change in:quantity demandeddemandsupplynone of the above20s
- Q15At a given price, quantity demanded can change infintely. the demand isinelasticperfectly inelasticperfectly elasticelastic20s