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WorksheetsAPEX 3.1.1 and 3.1.3
Total questions: 15
Worksheet time: 30mins
The quantity of a good/service that a producer can and will sell for a certain price during a specific time.
Demand
Supply
Equilibrium
Fungibility
The price at which the quantity supplied and the quantity demanded are the same.
Scarcity
Surplus
Supply Schedule
Equilibrium Price
When supply is higher than demand.
Shortage
Scarcity
Surplus
Equilibrium
The different quantities of a good/service that buyers are willing to purchase at various prices during a specific time.
Demand
Supply
Equilibrium
Scarcity
When demand is greater than supply.
Surplus
Scarcity
Equilibrium
Fungibility
When consumers tend to buy more goods as their income and increases this is called what?
Elasticity
Fungibility
Demand Curve
Wealth Effect
The amount of flexibility in consumers' demand for a product.
Elasticity
Utility
Exclusivity
Fungibility
Goods that people tend to buy more of as their wealth increases are called what?
Inferior
Superior
Normal
Elastic
Which of the following is an example of an inferior good?
Ramen Noodles
Cars
Jewelry
Clothes
Goods that people tend to buy less of as their wealth increases are called what?
Normal
Superior
Inferior
Useful
What is the term for when all units of a good are the same as each other, such as gasoline?
Elasticity
Utility
Fungibility
Exclusivity
Which of the following is an example of an inelastic product?
Airline Tickets
Food
Shoes
Laptops
Which of the following is an example of an elastic product?
Rent
Food
Cars
Water
Which of the following is an example of an individual good?
A ham sandwich.
A parade.
A movie at the cinema.
A lesson in economics class.
Which of the following is an example of a public good?
A bag of chips.
A t-shirt.
A free concert in the park.
A glass of lemonade.
