ECON - Unit 3A Question Preview (ID: 61964)


SSEMI1, SSEMI2ab. TEACHERS: click here for quick copy question ID numbers.

The model used to show the relationship between households and businesses... is called:
a) circular flow
b) a price ceiling
c) a price floor
d) the law of demand

In circular flow, households own the resources and:
a) sell them to businesses
b) buy them from businesses
c) ###
d) ####

In circular flow, businesses produce goods and services... and:
a) sell them to households
b) buy them from households
c) ###
d) ####

According to circular flow, receiving a paycheck after performing work would be a part of:
a) the resource (factor) market
b) the product market
c) ###
d) ####

An increase in the price of peanut butter causes a decrease in the demand for jelly. These two products are:
a) compliments
b) substitutes
c) normal goods
d) inferior goods

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) ####

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) increase
c) stay the same
d) fluctuate up and down

On a graph, a shift to the right in the demand curve indicates:
a) an increase in demand
b) a decrease in demand
c) ###
d) ####

Since the price of butter is increasing, the demand for margarine is increasing. Butter and margarine are examples of:
a) substitutes
b) complements
c) ###
d) ####

Substitutes, complements, and consumer expectations are examples of:
a) determinants of demand
b) product markets
c) consumers
d) government actions

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