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ECON - Unit 3A
Test Description: SSEMI1, SSEMI2ab
Instructions: Answer all questions to get your test result.
1) The model used to show the relationship between households and businesses... is called:
A
a price ceiling
B
a price floor
C
the law of demand
D
circular flow
2) In circular flow, households own the resources and:
A
sell them to businesses
B
buy them from businesses
C
###
D
####
3) In circular flow, businesses produce goods and services... and:
A
####
B
buy them from households
C
sell them to households
D
###
4) According to circular flow, receiving a paycheck after performing work would be a part of:
A
the product market
B
the resource (factor) market
C
###
D
####
5) An increase in the price of peanut butter causes a decrease in the demand for jelly. These two products are:
A
substitutes
B
normal goods
C
compliments
D
inferior goods
6) The quantity of a good or service that a consumer is willing and able to buy at each price... is called:
A
demand
B
supply
C
####
D
###
7) According to the law of demand, as the price of a good rises... the quantity that consumers are willing able to pay will...
A
decrease
B
stay the same
C
increase
D
fluctuate up and down
8) On a graph, a shift to the right in the demand curve indicates:
A
###
B
a decrease in demand
C
an increase in demand
D
####
9) Since the price of butter is increasing, the demand for margarine is increasing. Butter and margarine are examples of:
A
###
B
complements
C
substitutes
D
####
10) Substitutes, complements, and consumer expectations are examples of:
A
product markets
B
government actions
C
determinants of demand
D
consumers
*select an answer for all questions
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