Question

2.

According to the law of demand, other things being equal, the lower the price of an assigned textbook, the _______________ the quantity demanded of assigned textbooks will be, and the ______________ likely students will seek out an alternative to the assigned textbook.

Group of answer choices

lower; less

lower; more

higher; less

higher; more

4.

Other things being equal, an increase in the number of sellers of a good will __________________ for that good.

Group of answer choices

increase equilibrium price and quantity

increase equilibrium price and decrease equilibrium quantity

decrease equilibrium price and increase equilibrium quantity

decrease equilibrium price and quantity

increase demand

8.

If the demand curve for a good shifts leftward,

Group of answer choices

quantity demanded is less at each price.

quantity demanded remains constant at each price.

quantity demanded is greater at each price.

demand is greater at each price.

9.

Which of the following is false?

Group of answer choices

​Accepting a reduction in current income to acquire education and training can increase future earning ability, which can raise the standard of living.

​Improvements in literacy stimulate economic growth by reducing barriers to the flow of information and raising labor productivity.

​One problem of providing enough education in poorer countries is that since children in developing countries are an important part of the labor force at a young age, there is a higher opportunity cost of education in terms of foregone contribution to family income.

​Investment alone guarantees economic growth per capita.

10.

Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____.

Group of answer choices

the quality of labor in a nation

the distribution of income in a nation

the quality of life people experience in a nation

economic activity in a nation

Answer 1

1 - Higher , less

There is inverse relation between price and quantity demanded by the consumer. When the consumer gets something at low price , he will not look for alternative.

2 - Option C

Decrease equilibrium price and increase equilibrium quantity

Rise in number of seller will increase the supply and shift supply right leading to fall in price and rise in quantity.

3 - Option A

Quantity demanded is constant at each price level

This is because , quantity demanded changes when movement takes place , not the shift in demand curve.

4 - Option D

Investment alone guarantees economic growth per capita.

This statement in false and other are correct

5 - Option C

Quality of life people experience in a nation.