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INTRODUCTION TO BUSINESS – BUSS101.B
SCHOOL OF BUSINESS AND INFORMATION SCIENCE
SPRING SEMESTER 2006

QUIZ #2 CH 1-4 FEB. 22, 2006

NAME______________________________________

1. A(n) _____________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.
A) demand
B) supply
C) utility
D) Laffer

2. The quantity of a good or service that manufacturers or owners are willing to sell at different prices during a specific time period is known as the:
A) supply of that product
B) demand for that product
C) equilibrium function for that product.
D) production possibilities curve for that product.

3. John complained to his buddy, Frank, that the prices of all the goods he and his family buy have increased a lot over the past year. Frank disagreed, saying that the prices of some goods have gone up a bit, but other prices have declined. Frank feels that......

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Approximate Pages: 4 (250 words per double-spaced page)

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