Chapter 2 The Price System and the Microeconomy Key Terms Quiz
Authored by Cheryl Massey
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The means of allocating resources in a market economy .
Price mechanism
Market
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where buyers and sellers get together to trade .
Price mechanism
Market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantity of a product that consumers are willing and able to buy at different prices.
Demand
Demand Curve
Demand Schedule
Joint Demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When two goods are consumed together.
Demand
Demand Curve
Demand Schedule
Joint Demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Represents the relationship between the quantity demanded and price of a prouct.
Demand
Demand Curve
Demand Schedule
Joint Demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The data from which a demand curve is drawn.
Demand
Demand Curve
Demand Schedule
Joint Demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One whose demand increases as income increases.
Normal Goods
Inferior Goods
Substitute
Complement
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