Economics Unit 2 Quiz

Which of the following goods/services would be considered to have inelastic demand?

Focuses mainly on the actions of producers

When two things go together, they are considered

Focuses mainly on the actions of the consumers

Which of the following goods is a substitute good to a bicycle?

Which of the following circumstances would result in a higher demand for jeans?

A surplus typically indicates that…

If the price of a good does not impact the quantity demanded, the good would have…

What does the term Latin Ceteris paribus mean?

The demand for goods and services in a particular area would probably increase if…

What is a basic principle of the law of demand?

Which of the following goods is a complementary good to a bicycle?

According to the law of demand, when prices go UP…

Which of the following is a good that might not be bought when prices rise?

When a consumer is able and willing to buy a good/service, they create which of the following?

When prices rise, which of the following happens to demand?

Which of the following is NOT an example of a market?

Oil would be considered to have inelastic supply because…

Slopes downward

What are inferior goods?

Which of the following would be bought in the same quantity even if it doubled in price?