ECON 1220 - Chapter 3 Practice Multiple
Choice Questions and Answers 100% Pass
The time period to which quantity demanded refers when constructing
demand curves is
A) any specified time period.
B) one year.
C) a long period of time.
D) a moment in time.
E) a period shorter than one year. -
CORRECT ANSWER: A) any specified time period.
QUESTION: The "law of demand" hypothesizes that, other things
being equal,
,A) the higher the income, the higher the quantity demanded.
B) the lower the price, the greater the demand.
C) price and demand vary inversely.
D) the higher the price, the lower the quantity demanded.
E) price and quantity demanded are positively related. -
CORRECT ANSWER: D) the higher the price, the lower the quantity
demanded.
QUESTION: Which statement best describes the "law of demand"?
Other things being equal, the quantity of tennis rackets demanded will
be greater if the
A) price of badminton rackets is higher.
B) incomes of tennis players are higher.
C) price of tennis rackets is lower.
D) demand for tennis rackets rises.
, E) number of tennis players is higher. -
CORRECT ANSWER: C) price of tennis rackets is lower.
QUESTION: Which statement best describes a demand curve?
A) a numerical table showing the inverse relationship between quantity
demanded and price, other things being equal
B) a functional statement of the demand relationship
C) a timetable showing the quantity demanded at different time periods
D) a graph showing the relationship between quantity demanded and the
price of a commodity, other things being equal
E) an abstract concept underlying the graph of a demand curve -
CORRECT ANSWER: D) a graph showing the relationship between
quantity demanded and the price of a commodity, other things being
equal
QUESTION: A change in demand is said to take place when there is a
Choice Questions and Answers 100% Pass
The time period to which quantity demanded refers when constructing
demand curves is
A) any specified time period.
B) one year.
C) a long period of time.
D) a moment in time.
E) a period shorter than one year. -
CORRECT ANSWER: A) any specified time period.
QUESTION: The "law of demand" hypothesizes that, other things
being equal,
,A) the higher the income, the higher the quantity demanded.
B) the lower the price, the greater the demand.
C) price and demand vary inversely.
D) the higher the price, the lower the quantity demanded.
E) price and quantity demanded are positively related. -
CORRECT ANSWER: D) the higher the price, the lower the quantity
demanded.
QUESTION: Which statement best describes the "law of demand"?
Other things being equal, the quantity of tennis rackets demanded will
be greater if the
A) price of badminton rackets is higher.
B) incomes of tennis players are higher.
C) price of tennis rackets is lower.
D) demand for tennis rackets rises.
, E) number of tennis players is higher. -
CORRECT ANSWER: C) price of tennis rackets is lower.
QUESTION: Which statement best describes a demand curve?
A) a numerical table showing the inverse relationship between quantity
demanded and price, other things being equal
B) a functional statement of the demand relationship
C) a timetable showing the quantity demanded at different time periods
D) a graph showing the relationship between quantity demanded and the
price of a commodity, other things being equal
E) an abstract concept underlying the graph of a demand curve -
CORRECT ANSWER: D) a graph showing the relationship between
quantity demanded and the price of a commodity, other things being
equal
QUESTION: A change in demand is said to take place when there is a
