Survey of Economics 8th Edition by Irvin B. Tucker – Test Bank

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Survey of Economics 8th Edition by Irvin B. Tucker – Test Bank

Chapter 3-Part 1—Market Demand and Supply

MULTIPLE CHOICE

1.In economics, the demand for a good refers to the amount of the good people:

a.	would like to have if the good were free.
b.	are willing to buy at various prices.
c.	need to achieve a minimum standard of living.
d.	will buy at alternative income levels.

ANS: B PTS: 1 DIF: E TOP: Law of demand

TYP: RE

2.The law of demand is the principle that there is ____ relationship between the price of a good and the quantity buyers are willing to purchase in a defined time period, ceteris paribus.

a.	a direct
b.	no
c.	an inverse
d.	independent

ANS: C PTS: 1 DIF: E TOP: Law of demand

TYP: RE

3.The law of demand refers to the:

a.	inverse relationship between the price of a good and the willingness of consumers to buy it.
b.	price increase that results from an increase in demand for a good of limited supply.
c.	inverse relationship between the price of a good and the quantity offered for sale.
d.	increase in the quantity of a good available when its price increases.

ANS: A PTS: 1 DIF: M TOP: Law of demand

TYP: RE

4.The law of demand indicates that:

a.	every physical good has a use.
b.	when people want a good badly enough, they will find a way to pay for it.
c.	the desire for a good is unrelated to its price.
d.	the quantity of a good that people will buy is inversely related to the price of the good.

ANS: D PTS: 1 DIF: M TOP: Law of demand

TYP: RE

5.The law of demand indicates that as the price of a good increases:

a.	suppliers sell less of it.
b.	suppliers sell more of it.
c.	buyers buy less of it.
d.	buyers buy more of it.

ANS: C PTS: 1 DIF: E TOP: Law of demand

TYP: RE

6.Consumers buy less of a good as its price increases because:

a.	production costs have risen.
b.	substitute goods are now relatively cheaper.
c.	the income of consumers has effectively risen.
d.	the higher price will make the good more valuable to each consumer.

ANS: B PTS: 1 DIF: M TOP: Law of demand

TYP: SA

7.A curve that is derived by summing horizontally individual demand curves is called:

a.	aggregate supply.
b.	market supply.
c.	aggregate demand.
d.	market demand.

ANS: D PTS: 1 DIF: E TOP: Law of demand

TYP: RE

MAECENAS IACULIS

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ADIPISCING CONVALLIS BULUM

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Diam parturient dictumst parturient scelerisque nibh lectus.

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