1 of 28
Term Definition
The phrase "ceteris paribus" is D
best expressed as:
A. "all else equal"
B. "everything affects everything
else"
C. "scarcity is a fact of life"
D. "there is no such thing as a
free lunch"
Give this one a try later!
True False
Correct definition
A
, 2 of 28
Term Definition
If the price of ground beef falls, C
the demand for hamburger buns
will:
A.Increase because the two
goods are substitutes.
B.Decrease because the two
goods are complements.
C.Increase because the two
goods are complements.
D.Not change unless the price
of hamburger buns also
changes.
Give this one a try later!
True False
3 of 28
Term Definition
At the current price there is a
C
surplus of the product. We
would expect price to:
A.Increase, quantity demanded
to decrease, and quantity
supplied to increase.
, B.Increase, quantity demanded
to increase, and quantity
supplied to decrease.
C.Decrease, quantity demanded
to increase, and quantity
supplied to decrease.
D.Decrease, quantity demanded
to decrease, and quantity
supplied to increase.
Give this one a try later!
True False
4 of 28
Term Definition
In an economic system based C
on tradition:
A.The ruling authority answers
the economic questions by
issuing decrees.
B.The interaction of individual
choices determines economic
outcomes.
C.Children normally follow the
profession of their parents.
D.Factories and farms tend to
be state owned.
Give this one a try later!
Term Definition
The phrase "ceteris paribus" is D
best expressed as:
A. "all else equal"
B. "everything affects everything
else"
C. "scarcity is a fact of life"
D. "there is no such thing as a
free lunch"
Give this one a try later!
True False
Correct definition
A
, 2 of 28
Term Definition
If the price of ground beef falls, C
the demand for hamburger buns
will:
A.Increase because the two
goods are substitutes.
B.Decrease because the two
goods are complements.
C.Increase because the two
goods are complements.
D.Not change unless the price
of hamburger buns also
changes.
Give this one a try later!
True False
3 of 28
Term Definition
At the current price there is a
C
surplus of the product. We
would expect price to:
A.Increase, quantity demanded
to decrease, and quantity
supplied to increase.
, B.Increase, quantity demanded
to increase, and quantity
supplied to decrease.
C.Decrease, quantity demanded
to increase, and quantity
supplied to decrease.
D.Decrease, quantity demanded
to decrease, and quantity
supplied to increase.
Give this one a try later!
True False
4 of 28
Term Definition
In an economic system based C
on tradition:
A.The ruling authority answers
the economic questions by
issuing decrees.
B.The interaction of individual
choices determines economic
outcomes.
C.Children normally follow the
profession of their parents.
D.Factories and farms tend to
be state owned.
Give this one a try later!
