Survey of Economics 8th Edition by Irvin B. Tucker – Test Bank
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Edition: 8th Edition
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Survey of Economics 8th Edition by Irvin B. Tucker – Test Bank
Chapter 3-Part 1—Market Demand and Supply
MULTIPLE CHOICE
1.In economics, the demand for a good refers to the amount of the good people:
|
a. |
would like to have if the good were free. |
|
b. |
are willing to buy at various prices. |
|
c. |
need to achieve a minimum standard of living. |
|
d. |
will buy at alternative income levels. |
ANS: B PTS: 1 DIF: E TOP: Law of demand
TYP: RE
2.The law of demand is the principle that there is ____ relationship between the price of a good and the quantity buyers are willing to purchase in a defined time period, ceteris paribus.
|
a. |
a direct |
|
b. |
no |
|
c. |
an inverse |
|
d. |
independent |
ANS: C PTS: 1 DIF: E TOP: Law of demand
TYP: RE
3.The law of demand refers to the:
|
a. |
inverse relationship between the price of a good and the willingness of consumers to buy it. |
|
b. |
price increase that results from an increase in demand for a good of limited supply. |
|
c. |
inverse relationship between the price of a good and the quantity offered for sale. |
|
d. |
increase in the quantity of a good available when its price increases. |
ANS: A PTS: 1 DIF: M TOP: Law of demand
TYP: RE
4.The law of demand indicates that:
|
a. |
every physical good has a use. |
|
b. |
when people want a good badly enough, they will find a way to pay for it. |
|
c. |
the desire for a good is unrelated to its price. |
|
d. |
the quantity of a good that people will buy is inversely related to the price of the good. |
ANS: D PTS: 1 DIF: M TOP: Law of demand
TYP: RE
5.The law of demand indicates that as the price of a good increases:
|
a. |
suppliers sell less of it. |
|
b. |
suppliers sell more of it. |
|
c. |
buyers buy less of it. |
|
d. |
buyers buy more of it. |
ANS: C PTS: 1 DIF: E TOP: Law of demand
TYP: RE
6.Consumers buy less of a good as its price increases because:
|
a. |
production costs have risen. |
|
b. |
substitute goods are now relatively cheaper. |
|
c. |
the income of consumers has effectively risen. |
|
d. |
the higher price will make the good more valuable to each consumer. |
ANS: B PTS: 1 DIF: M TOP: Law of demand
TYP: SA
7.A curve that is derived by summing horizontally individual demand curves is called:
|
a. |
aggregate supply. |
|
b. |
market supply. |
|
c. |
aggregate demand. |
|
d. |
market demand. |
ANS: D PTS: 1 DIF: E TOP: Law of demand
TYP: RE
MAECENAS IACULIS
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ADIPISCING CONVALLIS BULUM
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- Abitur parturient praesent lectus quam a natoque adipiscing a vestibulum hendre.
- Diam parturient dictumst parturient scelerisque nibh lectus.
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