Macro Chapter 3

Macro Chapter 3

University

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30 Qs

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Macro Chapter 3

Macro Chapter 3

Assessment

Quiz

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Business

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University

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Practice Problem

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Medium

Created by

Kenneth Kunkel

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes a place where buyers and sellers interact to exchange goods and services?

Market

Surplus

Price ceiling

Substitution effect

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the demand curve show in economics?

The relationship between price and quantity demanded

The total revenue of a firm

The cost of production at each output level

The number of sellers in a market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which effect occurs when consumers switch to a cheaper alternative as the price of a good rises?

Substitution effect

Income effect

Surplus effect

Price ceiling effect

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the income effect?

The change in quantity demanded due to a change in consumers' purchasing power

The change in supply due to a change in input prices

The change in demand due to a change in population

The change in price due to a change in technology

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a buyer's reservation price?

The maximum price a buyer is willing to pay for a good

The minimum price a seller will accept

The equilibrium price in the market

The price set by the government

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which curve shows the relationship between the price of a good and the quantity supplied?

Supply curve

Demand curve

Equilibrium curve

Surplus curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a seller's reservation price?

The lowest price a seller is willing to accept for a good

The highest price a buyer will pay

The market equilibrium price

The price at which surplus occurs

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