Unit 1 AP Macroeconomics Quiz

What causes a leftward and rightward shift in the demand curve?

Which of these is NOT a principal factor that shifts the demand curve?

• Changes in income

• Changes in inventory

• Changes in tastes

• Changes in number of customers

Which way would the demand curve shift if peanut butter became higher in demand because of jelly’s recent price drop?

“A _________ market is a market in which there are many buyers and sellers of the same good or service.”?

• Contemptive

• Cooperative

• Competitive

• Conservative

A ______________ is a shift of the demand curve.

A pair of goods are substitutes because…...

Sometimes a fall in the price of one good makes consumers more willing to buy another good. Such pairs are known as what?

The ______________ shows the relationship between quantity demanded and price for an individual consumer.

When the quantity demanded reaches 2 months, what does the price become?

When no individual would be better off doing something different, this is called….?

• Equilateral

• Equator

• Equilibrium

• Equity