loser Quiz

the quantity demanded of a good is the amount that buyers

• are willing to purchase

• are willing and able to purchase

• are willing and able and need to purchase

• are able to purchase

Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.”  This relationship between price and quantity demanded

• applies to most good in the economy

• is represented by a downward-sloping demand curve

• is referred to as the law of demand

• all of the above are correct

the law of demand states that other things equal

• when the prices of a good falls the demand for the good rises

• when the price of a good rises the quantity demanded of the good rises

• when the price of good rises the demanded for the good falls

• when the prices of a good falls the quantity demanded of the good rises.

a downward- sloping demand curve illustrates

• the demand decreases over time

• the prices fall over time

• the relationship between income and quantify demanded

• the law of demand

which of the following demonstrates the law of demand

• After Jon got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise.

• Melissa buys fewer muffins at $0.75 per muffin than at $1 per muffin, other things equal.

• Dave buys more donuts at $0.25 per donut than at $0.50 per donut, other things equal

• Kendra buys fewer Snickers at $0.60 per Snickers since the price of Milky Ways fell to $0.50 per Milky Way.

Resources are

 

• scarce for households but plentiful for economies.

• plentiful for households but scarce for economies.

• scarce for households and scarce for economies.

• plentiful for households and plentiful for economies.

Economics deals primarily with the concept of

• scarcity

• money

• poverty

• banking

In most societies, resources are allocated by

• a single central planner.

•  

  a small number of central planners.

• those firms that use resources to provide goods and services.

• the combined actions of millions of households and firms.

Positive statements are

• prescriptive.

• claims about how the world should be.

• claims about how the world is.

• made by economists speaking as policy advisers.

Normative statements are

• Normative statements are

• claims about how the world should be.

• claims about how the world is.

• made by economists speaking as scientists.