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Unit 3 Review Game
Test Description: Demand and Supply
Instructions: Answer all questions to get your test result.
1) Demand
A
A Latin phrase that means all other things held constant
B
The desire to own something and the ability to pay for it
C
The total amount of money a firm receives by selling goods or services
D
Goods used in place of one another
2) Law of Demand
A
the change in consumption resulting from a change in real income
B
Two goods that are bought and used together
C
consumers buy more of a good when its price decreases and less when its price increases
D
system of allocating scarce goods and services using criteria other than price
3) Substitution Effect
A
when quantity demanded is more than quantity supplied
B
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
C
a cost that does not change, no matter how much of a good is produced
D
price ceiling placed on rent
4) Income Effect
A
The total amount of money a firm receives by selling goods or services
B
the change in consumption resulting from a change in real income
C
a chart that lists how much of a good suppliers will offer at different prices
D
Two goods that are bought and used together
5) Demand Schedule
A
A graphic representation of a demand schedule
B
Describes demand that is not very sensitive to a change in price
C
the change in output from hiring one additional unit of labor
D
a table that lists the quantity of a good a person will buy at each different price
6) Market Demand Schedule
A
a chart that lists how much of a good a supplier will offer at different prices variable a factor that can change
B
a table that lists the quantity of a good all consumers in a market will buy at each different price
C
a measure of the way quantity supplied reacts to a change in price
D
A graphic representation of a demand schedule
7) Demand Curve
A
a tax on the production or sale of a good
B
A graphic representation of a demand schedule
C
costs of production that affect people who have no control over how much of a good is produced
D
point at which quantity demanded and quantity supplied are equal
8) Ceteris Paribus
A
A Latin phrase that means all other things held constant
B
a measure of the way quantity supplied reacts to a change in price
C
a good that consumers demand less of when their incomes increase
D
Describes demand whose elasticity is exactly equal to 1
9) Normal Good
A
The change in output from hiring one additional unit of labor
B
a good that consumers demand more of when their incomes increase
C
a cost that does not change, no matter how much of a good is produced
D
Two goods that are bought and used together
10) Inferior Good
A
a factor that can change
B
Describes demand whose elasticity is exactly equal to 1
C
a good that consumers demand less of when their incomes increase
D
the amount of goods available
11) Complements
A
Two goods that are bought and used together
B
a tax on the production or sale of a good
C
a cost that does not change, no matter how much of a good is produced
D
fixed cost + variable costs
12) Substitutes
A
A measure of how consumers react to a change in price
B
Goods used in place of one another
C
a measure of the way quantity supplied reacts to a change in price
D
government intervention in a market that affects the production of a good
13) Elasticity of Demand
A
A measure of how consumers react to a change in price
B
Describes demand whose elasticity is exactly equal to 1
C
a chart that lists how much of a good suppliers will offer at different prices
D
A graphic representation of a demand schedule
14) Inelastic
A
Describes demand that is not very sensitive to a change in price
B
maximum price that can be legally charged for a good or service
C
costs of production that affect people who have no control over how much of a good is produced
D
government intervention in a market that affects the production of a good
15) Elastic
A
the change in output from hiring one additional unit of labor
B
Describes demand that is very sensitive to a change in price
C
the amount of goods available
D
a level of production in which the marginal product of labor increases as the number of workers increases
16) Unitary Elastic
A
the change in consumption resulting from a change in real income
B
A measure of how consumers react to a change in price
C
Describes demand whose elasticity is exactly equal to 1
D
A graphic representation of a demand schedule
17) Total Revenue
A
a cost that rises or falls depending on how much is produced
B
The total amount of money a firm receives by selling goods or services
C
The amount a supplier is willing and able to supply at a certain price
D
government intervention in a market that affects the production of a good
18) Supply
A
maximum price that can be legally charged for a good or service
B
when quantity demanded is more than quantity supplied
C
the amount of goods available
D
The desire to own something and the ability to pay for it
19) Law of Supply
A
a level of production in which the marginal product of labor increases as the number of workers increases
B
a chart that lists how much of a good a supplier will offer at different prices
C
a cost that does not change, no matter how much of a good is produced
D
tendency of suppliers of offer more of a good at a higher price
20) Quantity Supplied
A
the amount a supplier is willing and able to supply at a certain price
B
the change in output from hiring one additional unit of labor
C
osts of production that affect people who have no control over how much of a good is produced
D
maximum price that can be legally charged for a good or service
*select an answer for all questions
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