Transcription of Chapter 3 - Demand and Supply - Sample Questions …
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Chapter 3 - Demand and Supply - Sample Questions …
Chapter 3 - Demand and Supply - Sample QuestionsAnswers are at the end fo this fileMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the ) A relative price isA) the ratio of one price to ) the difference between one price and ) the slope of the Supply ) the slope of the Demand )2) If the price of a candy bar is $1 and the price of a fast food meal is $5,A) the money price of a fast food meal is 1/5 of a candy ) the money price of a candy bar is 1/5 of a fast food ) the relative price of a fast food meal is 5 candy ) the relative price of a candy bar is 5 fast food )3) If the price of a hot dog is $2 and the price of a hamburger is $4,A) the money price of a hamburger is 2 hot ) the money price of a hot dog is 2 ) the relative price of a hot dog is 1/2 of a ) the relative price of a hamburger is 1/2 of a hot )4) The opportunity cost of good A in terms of good B is equal to theA) ratio of the price of good B to the price of good ) ratio of the price of good A to the price of good )
D)an individual's attitudes toward goods and services. 39) 40) In 2000 there were 200,000 gas grills demanded at a price of $500. In 2001 there were more than 200,000 gas grills demanded at the same price. This increase could be the result any of the following EXCEPT A)an increase in the supply of gas grills. B)an increase in population.
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