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)
A)the supply curve of a normal good shifts leftward. B)the supply curve of a normal good shifts rightward. C)the demand curve for a normal good shifts rightward. D)the demand curve for a normal good shifts leftward. 29) 30) If income decreases or the price of a complement rises, A)there is an upward movement along the demand curve for the good.
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