1 of 27
Term Definition
which of the following is an B
opportunity cost of attending
college?
A. the cost of your apartment?
B. the income you could have
earned if you didnt attend
college?
C. the cost of the food that you
consume while you are
,attending college.
D. the education you gain form
attending college
Give this one a try later!
True False
2 of 27
Term Definition
which of these statements best
B
represents the law of demand?
A. when buyers' tastes for a
good increase, they produce
more of a good.
B when income levels increase,
buyers respond by purchasing
more of most goods.
C. when the price of a food
falls, the buyers respond buy
purchasing more of the good
D. when buyers' demands for a
good increase, the price of the
good will increase.
Give this one a try later!
, True False
Correct definition
C
3 of 27
Term Definition
by invoking the assumption of
A
Ceteris Paribus, economists...
A. consider the impact of all
relevant factors
B. isolate the impact of one
single variable while holding all
other variables constant
C. hold all variables constant
when analyzing a model.
D. Exclude irrelevant detail
when analyzing a model.
Give this one a try later!
True False
Correct definition
Term Definition
which of the following is an B
opportunity cost of attending
college?
A. the cost of your apartment?
B. the income you could have
earned if you didnt attend
college?
C. the cost of the food that you
consume while you are
,attending college.
D. the education you gain form
attending college
Give this one a try later!
True False
2 of 27
Term Definition
which of these statements best
B
represents the law of demand?
A. when buyers' tastes for a
good increase, they produce
more of a good.
B when income levels increase,
buyers respond by purchasing
more of most goods.
C. when the price of a food
falls, the buyers respond buy
purchasing more of the good
D. when buyers' demands for a
good increase, the price of the
good will increase.
Give this one a try later!
, True False
Correct definition
C
3 of 27
Term Definition
by invoking the assumption of
A
Ceteris Paribus, economists...
A. consider the impact of all
relevant factors
B. isolate the impact of one
single variable while holding all
other variables constant
C. hold all variables constant
when analyzing a model.
D. Exclude irrelevant detail
when analyzing a model.
Give this one a try later!
True False
Correct definition
