англ 0-50

In a free and unregulated competitive economy:

• Wants of buyers are communicated to sellers through the determination of prices in markets.

• Wants are communicated to producers by the purchase orders of wholesalers.

• Sellers use market survey instruments to determine what and how much to produce.

• Markets play an insignificant role.

• Organization and development of commercial business.

The quantities of goods that buyers are willing and able to purchase at a specific price over a period of time, other influences held unchanged, is a definition for:

• Demand

• Supply

• Total sales.

• Quantity demanded.

• Consumer

The demand _______________  is a table of price and quantity demanded data in which the ceteris paribus assumption is employed. The     is a plot of that data.

• Schedule/demand curve

• Schedule/marginal cost curve

• Curve/schedule

• Table/scatter diagram.

• Scheme/picture.

The law of demand states that, other things being the same:

• Price and quantity demanded are inversely related.

• Income and sales are positively related.

• Price and quantity demanded are positively related.

• Price and income are positively related.

• Profit and income increase.

Which of the following will not cause a change in demand?

• Change in the price of the good in question

• Change in income

• Change in the prices of related goods, such as complements or substitute

• Expectation of higher prices

• Decrease prices.

If two goods are substitutes and the price of one good increases, the demand for the other good will:

• Increase

• Not change.

• Not be related.

• Decrease

• Failure

If two goods are complementary goods and the price of one good increases, the demand for the other will:

• Decrease

• Increase

• Not be related.

• Not change.

• Not failure.

If a good is a normal good, an increase in income will:

• Increase demand

• Decrease demand.

• Increase supply.

• Decrease supply.

• Increase profit.

The quantities of a good that sellers are willing and able to produce and make available to the market at a specific price over a given period, other things being constant, is a definition of:

• Supply

• Equilibrium

• Demand curve

• Demand

• Supply law

The law of supply states that, other influences being unchanged:

• Price and quantity supplied are positively related.

• Price and quantity supplied are inversely related.

• Income and quantity supplied are unrelated.

• Price and quantity demanded are inversely related.

• Price and quantity demanded are negative related.