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Supply and demand: Quiz


Question 1: The money supply may be a vertical supply curve, which the ________ of a country can influence through monetary policy.
Open market operationsCentral bankFederal Reserve SystemBank for International Settlements

Question 2: Two different hypothetical types of goods with upward-sloping demand curves are ________ (an inferior but staple good) and Veblen goods (goods made more fashionable by a higher price).
Public goodGiffen goodInferior goodComposite good

Question 3: Demand and supply may also be used in macroeconomic theory to relate money supply to demand and ________.
Interest rateCredit (finance)DebtCentral bank

Question 4: This is known as the ________ and the price elasticity of supply.
Price elasticity of demandSupply and demandCross elasticity of demandElasticity (economics)

Question 5: Demand and supply relations in a market can be statistically estimated from price, quantity, and other ________ with sufficient information in the model.
StatisticsExperimentDataStatistical graphics

Question 6: This can be done with simultaneous-equation methods of estimation in ________.
Heterodox economicsEconomicsEconometricsEconomic history

Question 7: Following the ________, the demand curve is almost always represented as downward-sloping, meaning that as price decreases, consumers will buy more of the good.
EconomicsLaw of demandUrban economicsMacroeconomics

Question 8: The Sonnenschein-Mantel-Debreu theorem shows that the standard model cannot be rigorously derived in general from the theory of ________[16].
Keynesian economicsEconomicsMathematical economicsGeneral equilibrium theory

Question 9: The model was further developed and popularized by ________ in the 1890 textbook Principles of Economics.
Alfred MarshallAdam SmithJohn Maynard KeynesThomas Robert Malthus

Question 10: Under the assumption of perfect competition, supply is determined by ________.
EconomicsPublic goodMarginal costExternality


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