Practice exam with an answer key that explains each mistake

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{{topic}}

The topic the exam covers.e.g. supply and demand: shifts, equilibrium, price ceilings

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The course and level.e.g. intro microeconomics, first-year college

{{material}}

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Example input

topic: supply and demand: shifts vs. movements, equilibrium, price ceilings
course_level: intro microeconomics, first-year college
num_questions: 5
material: A demand curve shows the quantity demanded at each price, holding other factors constant. A change in the good's own price causes a movement along the curve (a change in quantity demanded). A change in other factors (income, prices of related goods such as substitutes and complements, tastes, expectations, number of buyers) shifts the whole curve (a change in demand). For normal goods, demand rises with income; for inferior goods, demand falls as income rises. Supply works the same way: the good's own price causes a movement along the curve; input costs, technology, number of sellers and expectations shift it. Equilibrium is where quantity demanded equals quantity supplied. If the price is above equilibrium there is a surplus; below it, a shortage. A price ceiling is a legal maximum price. It is binding only if set below the equilibrium price, where it causes a shortage. A ceiling set above equilibrium has no effect.