In which of the following statements are the terms "demand" and "quantity demanded" used correctly?
A. When the price of ice cream rose, the demand for both ice cream and ice cream toppings
fell.
B. When the price of ice cream rose, the quantity demanded of ice cream fell, and the demand
for ice cream toppings fell.
C. When the price of ice cream rose, the demand for ice cream fell, and the quantity
demanded of ice cream toppings fell.
D. None of these statements use the terms correctly.
Answer: B
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Nominal GDP is
A) real GDP adjusted for price changes. B) GDP valued at prices of that year. C) GDP valued at constant prices. D) real GDP valued at base year prices.
According to traditional Keynesian economics, contradictory fiscal policy initiated by the federal government
The exchange of goods and services directly without money is called:
a. creative destruction. b. barter. c. arbitration. d. currency trade. e. illegal trade.
The terms of trade is defined as:
a. the quantity of inputs sacrificed to produce each unit of a good. b. the quantity of one good that is exchanged for a quantity of another good. c. the ratio of the total cost of production of individual traders. d. the marginal cost of producing one good as a percentage of the marginal cost of another good. e. the ratio of total exports of a nation to its total production.