Economics - Unit 3 Test

The tendency of suppliers to offer more of a good at a higher price is called

• Law of Demand

• Law of Supply

• Supply Curve

• Law of Supply and Demand

This is a change in consumption resulting from a change in real income.

• Law of Demand

• Law of Supply

• Time

• Income Effect

What two factors determine a company's total revenue?

• Time and Scarcity

• Consumer Taste and Advertising

• Firms changing the level of production and new firms entering the market

• Price of goods and Quantity Sold

Of the things listed below, which one causes the Demand Curve to shift?

• Consumer Tastes and Advertising

• TIme

• Scarcity

• None of the Above

These are goods that are not a brand name. They can be made by a leading company but are sold under a store or "off" name at a reduced price.

• Substitutes

• Variable

• Generic

• Normal Good

Which one of the groups below is an example of complement goods?

• DVD Player and Video Game

• DVD Player and Television

• Baseball Glove and Swimming Pool

• Boat and Four-Wheeler

This law states that consumers buy more of a good when its price decreases and when its price increases

• Law of Demand

• Law of Supply

• Supply Curve

• Law of Supply and Demand

This describes demand that is not very sensitive to change in price

• Unitary Elastic

• Elastic

• In-elastic

• Income Effect

Two goods that are bought and used together

• Substitutes

• Variable

• Complements

• Ceteris Paribus

A good that consumers demand less of when their income increases

• Complements

• Variable

• Inferior Goods

• Substitutes