Economics 002 - Principles of Economics II » Winter 2021 » Chapter 3 Lecture Quiz

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Question #1
This "Key Point" refers to the decrease in added satisfaction that results as one consumes additional units of a good or service.
A.   Substitution effect
B.   Income efffect
C.   Diminishing marginal utility
D.   Law of demand
Question #2
This is the "Key Point" from Part 2's lecture.
A.   Supply Schedule
B.   Law of Supply
C.   Determinants of Demand
D.   Determinants of Supply
Question #3
The "Point"of this presentation also means the ability of the competitive forces of demand and supply to establish a price at which selling and buying decisions are consistent.
A.   Market Equilibrium
B.   Allocative Efficiency
C.   Productive Efficiency
D.   Rationing Function of Prices
Question #4
The "Key Point" from Part 4's lecture is:
A.   Shortage
B.   Price Floor
C.   Price Ceiling
D.   Surplus

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