ECONOMICS TODAY 20TH EDITION BY ROGER
LE MILLER CERTIFICATION ASSESSMENT 2026
VERIFIED ANSWERS GRADED A+
◉ independent relationship.
Answer: A zero association between two variables. When one
variable changes, the other variable remains unchanged.
◉ Chapter 2.
Answer: Chapter 2
◉ opportunity cost.
Answer: The best alternative sacrificed for a chosen alternative.
◉ marginal analysis.
Answer: An examination of the effects of additions to or subtractions
from a current situation.
◉ production possibilities curve.
Answer: A curve that shows the maximum combinations of two
outputs an economy can produce in a given period of time with its
available resources and technology.
,◉ technology.
Answer: The body of knowledge applied to how goods are produced.
◉ law of increasing opportunity costs.
Answer: The principle that the opportunity cost increases as
production of one output expands.
◉ economic growth.
Answer: The ability of an economy to produce greater levels of
output, represented by an outward shift of its production
possibilities curve.
◉ investment.
Answer: The accumulation of capital, such as factories, machines,
and inventories used to produce goods and service.
◉ Chapter 3.
Answer: Chapter 3
◉ law of demand.
,Answer: The principle that there is an inverse relationship between
the price of a good and the quantity buyers are willing to purchase in
a defined time period, ceteris paribus.
◉ demand.
Answer: A curve or schedule showing the various quantities of
product consumers are willing to purchase at possible prices during
a specified period of time, ceteris paribus.
◉ change in quantity demanded.
Answer: A movement between points along a stationary demand
curve, ceteris paribus.
◉ change in demand.
Answer: An increase or a decrease in the quantity demanded at each
possible price. An increase in demand is a rightward shift in the
entire demand curve. A decrease in demand is a leftward shift in the
entire demand curve.
◉ normal good.
Answer: Any good for which there is a direct relationship between
changes in income and its demand curve.
◉ inferior good.
, Answer: Any good for which there is an inverse relationship
between changes in income and its demand curve.
◉ substitute good.
Answer: A good that competes with another good for consumer
purchase. as a result, there is a direct relationship between a price
change for one good and the demand for its "competitor" good.
◉ complementary good.
Answer: A good that is jointly consumed with another good. As a
result, there is an inverse relationship between a price change for
one good and the demand for its "go together" good.
◉ law of supply.
Answer: The principle that there is a direct relationship between the
price of a good and the quantity sellers are willing to offer for sale in
a defined time period, ceteris paribus.
◉ supply.
Answer: A curve of schedule showing the various quantities of a
product sellers are willing to produce and offer for sale at possible
prices during a specified period of time, ceteris paribus.
◉ change in quantity supplied.
LE MILLER CERTIFICATION ASSESSMENT 2026
VERIFIED ANSWERS GRADED A+
◉ independent relationship.
Answer: A zero association between two variables. When one
variable changes, the other variable remains unchanged.
◉ Chapter 2.
Answer: Chapter 2
◉ opportunity cost.
Answer: The best alternative sacrificed for a chosen alternative.
◉ marginal analysis.
Answer: An examination of the effects of additions to or subtractions
from a current situation.
◉ production possibilities curve.
Answer: A curve that shows the maximum combinations of two
outputs an economy can produce in a given period of time with its
available resources and technology.
,◉ technology.
Answer: The body of knowledge applied to how goods are produced.
◉ law of increasing opportunity costs.
Answer: The principle that the opportunity cost increases as
production of one output expands.
◉ economic growth.
Answer: The ability of an economy to produce greater levels of
output, represented by an outward shift of its production
possibilities curve.
◉ investment.
Answer: The accumulation of capital, such as factories, machines,
and inventories used to produce goods and service.
◉ Chapter 3.
Answer: Chapter 3
◉ law of demand.
,Answer: The principle that there is an inverse relationship between
the price of a good and the quantity buyers are willing to purchase in
a defined time period, ceteris paribus.
◉ demand.
Answer: A curve or schedule showing the various quantities of
product consumers are willing to purchase at possible prices during
a specified period of time, ceteris paribus.
◉ change in quantity demanded.
Answer: A movement between points along a stationary demand
curve, ceteris paribus.
◉ change in demand.
Answer: An increase or a decrease in the quantity demanded at each
possible price. An increase in demand is a rightward shift in the
entire demand curve. A decrease in demand is a leftward shift in the
entire demand curve.
◉ normal good.
Answer: Any good for which there is a direct relationship between
changes in income and its demand curve.
◉ inferior good.
, Answer: Any good for which there is an inverse relationship
between changes in income and its demand curve.
◉ substitute good.
Answer: A good that competes with another good for consumer
purchase. as a result, there is a direct relationship between a price
change for one good and the demand for its "competitor" good.
◉ complementary good.
Answer: A good that is jointly consumed with another good. As a
result, there is an inverse relationship between a price change for
one good and the demand for its "go together" good.
◉ law of supply.
Answer: The principle that there is a direct relationship between the
price of a good and the quantity sellers are willing to offer for sale in
a defined time period, ceteris paribus.
◉ supply.
Answer: A curve of schedule showing the various quantities of a
product sellers are willing to produce and offer for sale at possible
prices during a specified period of time, ceteris paribus.
◉ change in quantity supplied.
