C3 GRADE A QUESTION AND ANSWER
1. The downward slope of the demand curve again illustrates the pattern that as rises,
decreases. A. quantity demanded, price B. quantity supplied, quantity demanded / c ,
price , quantity demanded D. price, quantity - (correct answer)/ c , price , quantity
demanded
2. The nature of demand indicates that as the price of a good increases: A. suppliers
wish to sell less of it. B. more of it is produced C. more of it is desired. D, buyers desire
to purchase less of it. - (correct answer)D, buyers desire to purchase less of it.
3. Any given demand or supply curve is based on the ceteris paribus assumption that A.
everything is variable. B. all else is held equal D. what is true for the individual not
necessarily C. no one knows which variables will change and which will remain constant
true for the whole. Answer: B Reference: - (correct answer)B. all else is held equal
4. The term "ceteris paribus" means that: A. everything is variable. D. what is true for the
individual is not necessarily true for the whole. C. no one knows which variables will
change B. all variables except those specified are constant. and which will remain
constant. - (correct answer)B. all variables except those specified are constant
6. Economists refer to the relationship that a higher price leads to a lower q uantity
demanded as the A. income gap B. market equilibrium C. law of demand D. price model
- (correct answer)C. law of demand
A. would like to have if the good were free. 9. In economics, the demand for a good
refers to the amount of the good that people: B. will buy at various prices - (correct
answer)B. will buy at various prices
10. The demand curve for a typical good has a(n) - (correct answer)A. negative slope
because some consumers switch to other goods as the price rises
1. The downward slope of the demand curve again illustrates the pattern that as rises,
decreases. A. quantity demanded, price B. quantity supplied, quantity demanded / c ,
price , quantity demanded D. price, quantity - (correct answer)/ c , price , quantity
demanded
2. The nature of demand indicates that as the price of a good increases: A. suppliers
wish to sell less of it. B. more of it is produced C. more of it is desired. D, buyers desire
to purchase less of it. - (correct answer)D, buyers desire to purchase less of it.
3. Any given demand or supply curve is based on the ceteris paribus assumption that A.
everything is variable. B. all else is held equal D. what is true for the individual not
necessarily C. no one knows which variables will change and which will remain constant
true for the whole. Answer: B Reference: - (correct answer)B. all else is held equal
4. The term "ceteris paribus" means that: A. everything is variable. D. what is true for the
individual is not necessarily true for the whole. C. no one knows which variables will
change B. all variables except those specified are constant. and which will remain
constant. - (correct answer)B. all variables except those specified are constant
6. Economists refer to the relationship that a higher price leads to a lower q uantity
demanded as the A. income gap B. market equilibrium C. law of demand D. price model
- (correct answer)C. law of demand
A. would like to have if the good were free. 9. In economics, the demand for a good
refers to the amount of the good that people: B. will buy at various prices - (correct
answer)B. will buy at various prices
10. The demand curve for a typical good has a(n) - (correct answer)A. negative slope
because some consumers switch to other goods as the price rises