1. The price of milk would be of particular interest to b. a microeconomist. c.

Question

1. The price of milk would be of particular interest to b. a microeconomist. c. neither a microeconomist nor a macroeconomist d. both a microeconomist and a macroeconomist. When economists use the term Ceteris paribus, they are indicating that a. the relationship between two economic variables cannot be determined b. all other variables except the ones specified are assumed to be constant c. their conclusions are based on normative economics rather than positive economic analysis d. the analysis is true for the individual but not for the economy as a whole 3. Scarcity is a problem: a. only in industrialized economies. b. of the poor, but not the rich. c. because human wants are unlimited while resources are limited d. measured by the amount of goods available. 4. An economics textbook is an example of a. labor b. capital. centrepreneurship. d. a natural resource. 5. The law of demand indicates that as the price of a good increases: a. suppliers sell less of it. b. buyers buy more of it. c. suppliers sell more of it. d. buyers buy less of it. 6. The "ceteris paribus" clause in the law of demand allows which of the following factors to change? b. prices of other goods c. consumer tastes and preferences d. price of the good demanded We can find the market demand for pears by: a. multiplying the number of people times the price of pears. b. adding the number of pears that producers are willing to sell. c. adding the individual demand curves for pears. 7. d. adding all the prices people are willing to pay for pears

Explanation / Answer

1. B) The price of milk would be of interest to a microeconomist.( Individual decisions are affected by the price of the milk.)

2. B) all other variables except the one specified are assumed constant.

3. C) because human wants are unlimited and resources are limited.

4. B) capital

5. D) buyers buy less of it

6. D) price of the good demanded

7. C) adding the individual demand curves for pears.

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