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QUIZ 1 and 2

The document contains two quizzes focused on economic concepts such as market equilibrium, demand, and types of goods. Quiz 1 includes identification questions and essay prompts about market and market equilibrium, while Quiz 2 tests knowledge on market elements and laws of demand and supply. The quizzes assess understanding of fundamental economic principles.

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17 views1 page

QUIZ 1 and 2

The document contains two quizzes focused on economic concepts such as market equilibrium, demand, and types of goods. Quiz 1 includes identification questions and essay prompts about market and market equilibrium, while Quiz 2 tests knowledge on market elements and laws of demand and supply. The quizzes assess understanding of fundamental economic principles.

Uploaded by

jadeee00427
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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QUIZ 1

TEST I. IDENTIFICATION
1. Is a point where quantity demanded is equal to the quantity supplied.
(Market Equilibrium)
2. Are commodities that can replace another commodity in its absence.
(Substitute goods)
3. Are goods or services that have an increasing demand whenever income
increases. (Normal goods)
4. Is the schedule of quantities of goods or services at certain areas that
people are willing and able to buy at different prices? (Demand)
5. Is a place where buyers and sellers meet to trade commodities. Market
has two important elements. (market).

TEST II. ESSAY


1. What is Market?
2. What is Market Equilibrium?

QUIZ 2
1-2. Two important elements of Market. (sellers and buyers)
3-4. Two types of goods. (normal goods and inferior goods)
5. Full name of our instructor.

TEST II. ESSAY


1. The law of Demand
The law of demand states that as price increases, quantity demand will
decrease ceteris paribus.
2. The law of Supply.
The law of supply states that as price increases, quantity supply will increase
ceteris paribus

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