Do the test on economics. 1. A relative price is a) a price expressed in terms of money. b) what you get paid for babysitting your cousin. c) the ratio of one money price to another. d) equal to a money price. 2.The quantity demanded of a good or service is the amount that a) consumers plan to buy during a given time period at a given price. b) firms are willing to sell during a given time period at a given price. c) a consumer would like to buy but might not be able to afford. d) is actually bought during a given time period at a given price. 3.Demand is the a) unlimited wants of consumers. b) entire relationship between the quantity demanded and the price of a good. c) willingness to pay for a good if income is large enough. d) ability to pay for a good. 4.If, as people's incomes increase, the quantity demanded of a good de- creases, the good is called a) a substitute. b) a normal good. c) an inferior good. d) a complement. 5. The quantity of Walkmans that people plan to buy this month depends on all of the following except the a) price of CD players. b) price of a Walkman. c) quantity of W alkmans that producers plan to sell. d) price of tapes. 6. The quantity supplied of a good or service is the amount that a) is actually bought during a given time period at a given price b) producers wish they could sell at a higher price. c) producers plan to sell during a given time period at a given price. 7.Supply is the d) people are willing to buy during a given time period at a given price. a) limited resources available. b) cost of producing a good. c) entire relationship between the quantity supplied and the price of a good. d) willingness to produce a good if the technology to produce it becomes available. 8. The quantity of Walkmans that firms plan to sell this month depends on all of the following except the c) quantity of W alkmans that people plan to buy. d) wages of workers in electronics factories. 9.If the price of the Walkman is below the equilibrium price, there will be a of Walkmans and the price will a) surplus; fall b) shortage; fall c) shortage; rise d) surplus; rise

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Do the test on economics. 1. A relative price is a) a price expressed in terms of money. b) what you get paid for babysitting your cousin. c) the ratio of one money price to another. d) equal to a money price. 2.The quantity demanded of a good or service is the amount that a) consumers plan to buy during a given time period at a given price. b) firms are willing to sell during a given time period at a given price. c) a consumer would like to buy but might not be able to afford. d) is actually bought during a given time period at a given price. 3.Demand is the a) unlimited wants of consumers. b) entire relationship between the quantity demanded and the price of a good. c) willingness to pay for a good if income is large enough. d) ability to pay for a good. 4.If, as people's incomes increase, the quantity demanded of a good de- creases, the good is called a) a substitute. b) a normal good. c) an inferior good. d) a complement. 5. The quantity of Walkmans that people plan to buy this month depends on all of the following except the a) price of CD players. b) price of a Walkman. c) quantity of W alkmans that producers plan to sell. d) price of tapes. 6. The quantity supplied of a good or service is the amount that a) is actually bought during a given time period at a given price b) producers wish they could sell at a higher price. c) producers plan to sell during a given time period at a given price. 7.Supply is the d) people are willing to buy during a given time period at a given price. a) limited resources available. b) cost of producing a good. c) entire relationship between the quantity supplied and the price of a good. d) willingness to produce a good if the technology to produce it becomes available. 8. The quantity of Walkmans that firms plan to sell this month depends on all of the following except the c) quantity of W alkmans that people plan to buy. d) wages of workers in electronics factories. 9.If the price of the Walkman is below the equilibrium price, there will be a of Walkmans and the price will a) surplus; fall b) shortage; fall c) shortage; rise d) surplus; rise

Answer 1

1. c) the ratio of one money price to another.2. a) consumers plan to buy during a given time period at a given price.3. b) entire relationship between the quantity demanded and the price of a good.4. c) an inferior good.5. d) price of tapes.6. c) producers plan to sell during a given time period at a given price.7. c) entire relationship between the quantity supplied and the price of a good.8. c) quantity of Walkmans that people plan to buy.9. c) shortage; rise.

Answer 2

## Step1The first question is about the definition of relative price. Relative price is the price of one good or service compared to another. It is not expressed in terms of money, but rather as a ratio of one money price to another.## Step2The second question is about the definition of quantity demanded. Quantity demanded refers to the amount of a good or service that consumers plan to buy during a given time period at a given price.## Step3The third question is about the definition of demand. Demand is the entire relationship between the quantity demanded and the price of a good.## Step4The fourth question is about the definition of an inferior good. An inferior good is a good for which demand decreases when income rises, unlike normal goods for which the opposite is observed.## Step5The fifth question is about the factors that affect the quantity of Walkmans that people plan to buy. The price of tapes does not affect the quantity of Walkmans that people plan to buy.## Step6The sixth question is about the definition of quantity supplied. Quantity supplied refers to the amount of a good that producers plan to sell during a given time period at a given price.## Step7The seventh question is about the definition of supply. Supply is the entire relationship between the quantity supplied and the price of a good.## Step8The eighth question is about the factors that affect the quantity of Walkmans that firms plan to sell. The quantity of Walkmans that people plan to buy does not affect the quantity of Walkmans that firms plan to sell.## Step9The ninth question is about the effect of a price below the equilibrium price on the market. If the price of the Walkman is below the equilibrium price, there will be a shortage of Walkmans and the price will rise.

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