Question

1.	Which is the best explanation of "DEMAND?"
		A.  What people would take if things were given away for free. B.  What people are prepared to buy, given certain circumstances. C.  What people would choose if they had no opportunity cost. D.  What people are willing to buy if they had unlimited funds. 2.   Demand shows consumer behavior... A.  at a price of zero B.  at an average price C.  at a specific price D.  across a range of prices

Quantity demanded is best explained as
		A.  consumer behavior at a point on the middle of the demand curve B.  consumer behavior if there is no opportunity cost C.  consumer behavior at a specific price D.  consumer behavior if price is zerO 4.   Which of the following is true concerning a demand curve? A.  they always are linear with a slope of 1 B.  they always have a positive slope C.  they always have a negative slope D.  they are always u-shaped 5.   The law of demand says that: A.  as price goes up, demand goes down (holding all else constant) B.  as price goes up, quantity demanded goes up (holding all else constant) C.  as price goes down, demand goes up (holding all else constant) D.  as price goes up, quantity demanded goes down (holding all else constant) 6.   Ceterus Paribus variables: A.  are variables that would cause a consumer to move along a given demand curve B.  are variables held constant along a demand curve and that will shift a demand curve when they change C.  are variables that cause demand and supply to intersect D.  are variables that change the level of opportunity cost a person will experience when they spend money 7.   A change in one or more of the ceterus paribus variables will cause movement along the same demand curve, meaning that we move to a higher or lower point on the same curve. True False 8.   A decrease or increase in demand would be illustrated as a shift of the demand curve. True False 9.   Which would NOT be an example of demand? A.  A factory manager ordering computers and Ipads B.  A new college graduating offering his labor in exchange for a salary C.  A professor going to the store to get bread or milk the day before a hurricane D.  A family shopping for a new car 10.   Demand is always defined based on a time period of 1 year. True False 11.   Economists observe the following demand curve for good X: At price of $20, there are 500 units purchased. At a price of $22, there are 470 units purchased. At a price of $24, there are 440 units purchased. At a price of $26, there are 410 units purchased. Assuming that CPAs are held constant, the law of demand holds. True False Consider the following demand schedule: At price of $70, there are 800 units purchased. At a price of $75, there are 750 units purchased. At a price of $80, there are 680 units purchased. At a price of $85, there are 610 units purchased. At a price of $90, there are 560 units purchased. 12.1.   What is the quantity demanded if price is 80? units of X Please enter a whole number, with no decimal point. Consider the following demand schedule: At price of $70, there are 800 units purchased. At a price of $75, there are 750 units purchased. At a price of $80, there are 680 units purchased. At a price of $85, there are 610 units purchased. At a price of $90, there are 560 units purchased. 12.2.   From this demand schedule we know that the demand curve (where Q is on the horizontal axis) will be: A.  vertical B.  upward sloping C.  downward sloping D.  horizontal Consider the following demand schedule: At price of $70, there are 800 units purchased. At a price of $75, there are 750 units purchased. At a price of $80, there are 680 units purchased. At a price of $85, there are 610 units purchased. At a price of $90, there are 560 units purchased. 12.3.   If price increases from $75 to $90, quantity demanded falls by ________. Please enter a whole number, with no decimal point. Consider the following demand schedule: At price of $70, there are 800 units purchased. At a price of $75, there are 750 units purchased. At a price of $80, there are 680 units purchased. At a price of $85, there are 610 units purchased. At a price of $90, there are 560 units purchased. 12.4.   This demand curve will shift if: A.  price increases B.  price decreases C.  there is a change in ceterus paribus assumptions D.  price either increases or decreases 13.   When the price of good x changes, the demand for good X changes. True False

Answer 1

Question:- Which is the best explanation of "DEMAND?

Correct option:- B.  What people are prepared to buy, given certain circumstances.

Reason:_ demand of a certain product depends on different factors

Question:- Demand shows consumer behavior...

Correct option:- D.  Across a range of prices

Reason:- Consumers behave different on different price ranges

Question:- Quantity demanded is best explained as

Correct Answer:- C.  Consumer behavior at a specific price

Reason: _ Quantity demanded can be determined on the basis of a specific price.

Question:- The law of demand says that

Correct Answer:- D.  as price goes up, quantity demanded goes down (holding all else constant)

Reason:_ Law od demand sated that with the price increasing, quantity demanded decreases.

Question:- A decrease or increase in demand would be illustrated as a shift of the demand curve.

Correct option:- True

Question:- Which would NOT be an example of demand?

Correct option:- B.  A new college graduating offering his labor in exchange for a salary

Reason:- It is an example of supply

Question:- Demand is always defined based on a time period of 1 year.

Correct Answer:- False

Reason:- No time limit can be fixed to determine the demand.

Question:- Economists observe the following demand curve for good X:

At price of $20, there are 500 units purchased.
At a price of $22, there are 470 units purchased.
At a price of $24, there are 440 units purchased.
At a price of $26, there are 410 units purchased.

Assuming that CPAs are held constant, the law of demand holds.

Correct option:- True

Reason:- With the increased price, demand is reducing.

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