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31) Demand is a schedule of

A) how much of a good a person wants.

B) how much of a good people will purchase at each different possible price.

C) how much of a good people will purchase at each income level.

D) each possible price and the amount people will buy when their incomes change.

32) A schedule of amounts of a good that people will purchase at various prices during a specific time period holding other factors constant is

A) a market.

B) supply.

C) demand.

D) the market clearing price.

 

33) Which of the following best represents the law of demand?

A) As the price of a good decreases, the demand for the good increases.

B) As the price of a good increases, the quantity demanded of that good decreases.

C) As the demand for a good increases, the price of that good increases.

D) As the price of a good decreases, the demand curve for that good shifts to the right.

 

34) Other things being equal, an increase in the price of a good leads to a decrease in the amount people purchase. This is known as

A) the law of demand.

B) the law of supply.

C) ceteris paribus.

D) equilibrium.

 

35) According to the law of demand

A) price and quantity demanded move in the same direction.

B) price and quantity demanded move in opposite directions.

C) ceteris paribus does not apply.

D) price and quantity demanded are unrelated.

36) Demand applies to which of the following?

A) fast food

B) criminal activity

C) labor market

D) all of the above

 

37) According to the law of demand

A) people buy more of a good when the price rises.

B) people buy more of a good when their income rises.

C) people buy more of a good when the relative price rises.

D) people buy more of a good when the price falls.

 

38) Which of the following is an example of the law of demand?

A) A decrease in the price of milk is followed by an increase in milk purchases.

B) A decrease in the price of milk is followed by a decrease in milk purchases.

C) An increase in the price of milk has no effect on the amount of milk purchased.

D) The amount of milk purchased increases when the price is constant.

 

39) John believes that when the price of a good increases people will purchase more of the good. This statement is

A) consistent with the law of demand.

B) inconsistent with the law of demand.

C) referring to money prices.

D) consistent with the law of supply.

40) Which of the following illustrates the law of demand?

A) More people watch college basketball in March than in November.

B) The number of long distance calls in the United States is greater on Christmas than on Valentine's Day.

C) College enrollment increases when federal tuition grants are readily available to students.

D) The prevailing wage rate in an industry determines how many people choose to work in the industry.

 

 

 

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