A) government regulation. B) the gross domestic product. C) technology integration. D) economic competition.
9)
The gross domestic product is calculated by adding up the A) value of all goods and services produced by domestic companies abroad. B) number of all tangible goods produced in a domestic economy. C) value of all goods and services produced within the nation. D) value of services produced domestically and goods produced overseas.
10)
Poorer countries started to develop economically when they A) pretended the rest of the world didn't exist. B) began to produce what the rest of the world wanted. C) raised tariffs on imported goods, such as steel and aluminum. D) protected domestic manufacturing jobs.
11)
A laissez-faire economy has A) a large amount of government regulation. B) a centrally planned economy. C) rules that promote social equality. D) very little government regulation of the economy.
12)
Top-down management of an economy by the government generally
3
A) produces exceptional results in economic growth. B) creates incentives and opportunities for businesses to expand. C) causes significant increases in GDP. D) leads to low rates of economic growth.
13)
Which of the following is not a monetary measure of economic prosperity? A) Annual household income B) Household consumption C) Life expectancy D) Gross domestic product
14)
Besides the gross domestic product, another measure of how well an economy is doing is A) annual household income. B) government tax rates. C) presidential popularity polls. D) publications in economic journals.
15)
Which of the following countries is not among the 10 largest economies in the world? A) Israel B) China C) Brazil D) India
16)
Which of the following is part of the U.S. economy’s safety net?
4
A) Social Security B) Blue Cross and Blue Shield C) Church-affiliated soup kitchens D) Private health insurance
17) Which of the following is an example of a technological change that is transforming an industry? A) Filet mignon B) Ralph Lauren clothing C) Electric scooters D) Starbucks coffee
18)
Financial markets do not include which of the following? A) Banks B) Stock markets C) Government regulatory agencies D) Nonprofit organizations
19)
Federal taxes have which of the following effects on the economy? A) If taxes are increased, the economy expands due to a balanced budget. B) If taxes are decreased, businesses will invest the difference back into the economy. C) There is no definitive agreement on the effect. D) Lower federal taxes will cause budget surpluses.
20)
Over the past 30 years, most countries have moved toward
5
A) more government regulation of the economy. B) less government regulation of the economy. C) planned central economies. D) closing the economy to imports.
21)
Deregulation in the United States began with what industries in the 1970s? A) The oil industry and the postal service B) The automobile and food service industries C) The agricultural and telecommunications industries D) The airline and trucking industries
22)
For the United States, one important benefit of foreign trade is A) less domestic competition. B) higher tax revenues from tariffs. C) reality checks in the economy. D) access to cheaper goods and services.
23)
An example of a company that uses financial markets to raise money is A) a local television news website. B) your local carryout restaurant. C) Ford Motor Company. D) the Social Security Administration.
24) The stock market hit bottom in early 2009, and over the next 10 years, average stock market prices
6
A) continued to fall. B) tripled in value. C) remained roughly stable. D) became increasingly volatile.
25) Economic competition sometimes has which of the following negative effects on a domestic economy? A) It drives up interest rates. B) It protects domestic jobs. C) It increases the profits of foreign suppliers. D) It drives down wages and profits.
26)
Closed economies generally do __________ open economies, in the __________ run. A) better than; long B) worse than; long C) worse than; short and long D) better than; short and long
27)
Globalization can act as a reality check, forcing everyone to A) try harder and look for better ways of doing things. B) ask for greater import protections. C) pull up the drawbridge and pretend the rest of the world doesn't exist. D) invest in larger factories.
28)
In what way does the government impact the U.S. housing market?
7
A) By setting zoning rules and construction codes B) By setting housing prices C) By lending money directly to home buyers D) By building most new residential structures
29)
In the past decade, the income and wealth gap in the United States has A) virtually disappeared. B) increased. C) decreased. D) returned.
30) The top __________ percent of U.S. households earn more than half of the country's income. A) 10 B) 20 C) 30 D) 40
31)
Chinese leader Deng Xiaoping began what process in the 1980s? A) The Chinese cultural revolution B) Moving the economy toward central planning C) Shifting away from a centrally planned economy D) The Chinese political revolution
32)
In 2018, the gross domestic product of the United States was
8
A) $20.5 million. B) $20.5 billion. C) $20.5 trillion. D) $59,800.
33) Which of the following countries have safety nets that offer better retirement benefits and more job security than the U.S. safety net? A) European countries, such as France and Germany B) Asian countries, such as China and India C) Our nearest neighbors, Canada and Mexico D) South American countries, such as Venezuela and Brazil
34)
Technological change is generally A) uneven. B) slow. C) fair. D) undisruptive.
35)
Nuclear power in the United States turned out to be A) a boon to the economy. B) well worth the time and investment. C) far more expensive and troublesome than expected. D) a hazard-free source of limitless power.
36)
Supply and demand are examples of
9
A) the tools of economics. B) outdated economic theories. C) technological advances. D) a primary source of disagreement among economists.
37)
Renewable energy sources provided __________ of U.S. energy needs as of 2018. A) 11 percent B) 14 percent C) 77 percent D) almost 100 percent
38) Which of the following best explains why countries are becoming more and more interconnected? A) Technological change B) Increasing tariffs C) Decreasing global incomes D) Evolving financial markets
39)
Most people have mixed feelings about the financial markets because A) they can experience violent swings. B) they are controlled by government regulators. C) the stock market almost always falls in the long run. D) they provide a means for the average person to become wealthy.
40)
Which is not an example of government intervention in the economy?
10
A) The Food and Drug Administration B) The Troubled Asset Relief Program C) The Social Security Administration D) The Great Recession
41)
Which of the following is not mentioned in the textbook as one of its three goals? A) Presenting the basic tools of economics B) Promoting an understanding of markets C) Showing the ways in which the possibilities of today's economy are expanding D) Teaching how to successfully invest money in the stock market
42) Which of the following is not mentioned in the textbook as a constraint that affects the economy? A) Households must make purchasing choices based on income. B) Businesses must make production choices based on technology. C) Households must make purchasing choices based on government regulations. D) Businesses must make production choices based on past investments in factories.
43) The textbook says that which of the following is among the key forces shaping today's economy? A) Technological change B) Government regulations C) Changing consumer confidence D) Labor unions
11
44) The textbook says that which of the following is among the key forces shaping today's economy? A) Political scandals B) Government regulations C) Globalization D) Increasing income inequality
45) The textbook says that which of the following is among the key forces shaping today's economy? A) Socialism B) Social networking C) Accounting scandals D) The evolution of financial markets
46)
Can economic competition be viewed as a positive force for growth and progress? A) No, because economic competition historically had neither a positive nor a negative
effect. B) No, because there is more poverty today than in the past. C) Yes, because economic competition of any type always leads to growth and progress. D) Yes, as long as it is conducted within a fair set of rules.
47) Suppose the government decides to eliminate some, but not all, of the rules that govern how investment banks conduct their business. This would be an example of A) a laissez-faire policy. B) deregulation. C) central planning. D) economic competition.
12
48) By total economic output (gross domestic product), the United States ranks as the __________ largest economy in the world. A) first B) second C) third D) tenth
49)
Gross domestic product is
A) not a useful indicator of prosperity. B) the only indicator of prosperity that economists use. C) one of many indicators of prosperity, some of which are monetary and some of which are not. D) one of many indicators of prosperity, all of which are monetary in nature.
50) Which of the following is presented in the text as an issue about which reputable economists might disagree? A) Whether unemployment rose significantly during the Great Recession B) Whether the government should provide more scholarship funds C) The impact on the federal budget of an increase in military spending D) The definition of a market transaction
51) Which of the following does not explain why there are so many disagreements among economists?
13
A) In some cases, there aren't enough data to answer the question. B) In some cases, the controversy is aggravated by political agendas. C) In some cases, individuals may stand to gain from policy changes. D) In some cases, economists have simply not investigated the issue at hand.
52)
As one is beginning to learn economics, one should expect to learn A) a new way of thinking about the world. B) everything one needs to become an economist. C) the gross domestic product of every country in the world. D) very little that will be useful in the real world.
53)
In a market, buyers and sellers A) are in the same place. B) exchange goods and services for money. C) compete with one another. D) undermine the proper functioning of the economy.
54)
Suppose a tenant sues his landlord in court. Does this count as a market transaction? A) Yes, because the landlord and tenant are in the same place negotiating. B) Yes, because there is a buyer (tenant) and a seller (landlord). C) No, because there is a third party (the judge) enforcing rules. D) No, because there are no voluntary exchanges taking place.
55) Suppose Kyra purchases and downloads an eBook from Amazon.com. Does this count as a market transaction?
14
A) Yes, because there is a voluntary exchange of money for a good or service. B) Yes, because Amazon.com is a well-known marketplace. C) No, because Kyra and Amazon.com are not physically in the same place. D) No, because eBooks are not tangible products.
56) Which of the following gives the best reason why the possibilitiesand choices of today’s economy are expanding? A) Because laws continue to change, making more activities legal B) Because worldwide population continues to grow C) Because the constraints that affect the economy change every day D) Because people are more enlightened today than in the past
57) Due to the existence of financial markets, which of the following does not represent a constraint on businesses that limits what they can produce? A) Technology B) Cash reserves C) Available factories D) Current production processes
58)
Who competes with whom in a market? A) Buyers and sellers compete with each other. B) Buyers and sellers compete with the government. C) Sellers compete with other sellers; buyers are not part of the competition. D) Buyers compete with other buyers and sellers compete with other sellers.
59)
Who makes decisions and trade-offs in the face of scarce resources?
15
A) Individuals B) Businesses C) Governments D) All of these choices are correct.
60)
Why do individuals and businesses have to make decisions? A) Because resources are scarce B) Because government regulations require it C) Because they want to avoid trade-offs D) Because it is the only way to increase income
61) Which of these is not presented in the chapter as an example of something that would have previously been impossible but that has now become commonplace? A) People can buy almost anything online. B) Businesses make production choices based on available technology. C) Once-poor countries now challenge the United States in many market. D) Ordinary people are able to invest in the stock market.
62)
Which of the following saw significant declines between late 2007 and early 2009? A) The U.S. economy only B) Stock prices and housing prices only C) Housing prices only D) Stock prices, housing prices, and the U.S. economy
63)
Why didn't financial markets in the United States and in other countries collapse in 2009?
16
A) Because governments actively intervened in these financial markets B) Because already in-place regulations passively protected financial markets C) Because investors saw the opportunity for big profits and continued to invest D) Because the financial markets were the healthiest part of these economies
64) The issue of online privacy is a good example of the difficulty associated with deciding the right level of government intervention in an economy because A) the government lacks the technical know-how to appropriately assess the problem. B) companies spend significant resources lobbying for more regulation. C) too much regulation and too little regulation can both have a negative economic impact. D) the U.S. Constitution does not directly refer to online privacy.
65)
Which of the following is not a good indicator of prosperity? A) Life expectancy B) Environmental quality C) Results from surveys of happiness D) The size of the safety net
66) What are the main forces shaping today's economy, and how are they impacting the economy?
67)
How does top-down management of an economy affect it?
17
68)
Why is the gross domestic product one of the indicators of prosperity?
69)
What does an economic safety net provide, and why would a country want to have one?
70)
Why do economists disagree on so many economic policy questions?
71)
Technological change is a key force in shaping today's economy. ⊚ true ⊚ false
72) Globalization is the increasing exchange of goods, services, ideas, and people within a country. ⊚ true ⊚ false
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73)
Technological change is the only reason for globalization. ⊚ true ⊚ false
74) A laissez-faire economy has minimal government regulations or laws affecting the economy. ⊚ true ⊚ false
75) History suggests that economic competition is the most consistent force for economic growth and progress. ⊚ true ⊚ false
76) Deregulation includes reducing governmental control over some aspects of private industry, while increasing control of others. ⊚ true ⊚ false
77) The gross domestic product is the dollar value of all goods and services produced by the economy. ⊚ true ⊚ false
78) Most economists agree on the amount of government intervention necessary in an economy. ⊚ true ⊚ false
19
79)
A centrally planned economy encourages investment and innovation. ⊚ true ⊚ false
80) Economics is the study of how individuals, businesses, and governments make decisions and trade-offs in the face of scarce resources. ⊚ true ⊚ false
20
Answer Key Test name: chapter 1 1) A 2) C 3) D 4) D 5) D 6) C 7) C 8) D 9) C 10) B 11) D 12) D 13) C 14) A 15) A 16) A 17) C 18) D 19) C 20) B 21) D 22) D 23) C 24) B 25) D 26) B 21
27) A 28) A 29) B 30) B 31) C 32) C 33) A 34) A 35) C 36) A 37) A 38) A 39) A 40) D 41) D 42) C 43) A 44) C 45) D 46) D 47) B 48) A 49) C 50) B 51) D 52) A 53) B 54) D 55) A 56) C 22
57) B 58) D 59) D 60) A 61) B 62) D 63) A 64) C 65) D 71) TRUE 72) FALSE 73) FALSE 74) TRUE 75) TRUE 76) FALSE 77) TRUE 78) FALSE 79) FALSE 80) TRUE
23
Student name:__________ 1)
The demand curve is the graphical counterpart to the A) demand schedule. B) supply curve. C) supply schedule. D) market equilibrium.
2)
The law of demand suggests that most demand curves will be A) upward-sloping. B) a straight line. C) downward-sloping. D) curved.
3)
A supply schedule illustrates the quantity supplied at A) various demand levels. B) a single selling price. C) different selling prices. D) market equilibrium.
4)
A market supply schedule A) is all the products or services demanded in a market. B) combines the quantities supplied by all businesses in a market. C) has an upward-sloping demand curve. D) is determined by adding demand and supply.
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5) The law of supply says that higher prices tend to ________ the quantity of a good or service ________, assuming no other changes. A) increase; supplied B) decrease; supplied C) increase; demanded D) decrease; demanded
6)
Supply curves are generally A) upward-sloping. B) downward-sloping. C) straight lines. D) responsive to demand curves.
7)
The demand schedule is a description of the behavior of ________ in a market. A) sellers B) buyers C) labor D) goods or services
8)
Ceteris paribus, when used by economists, means A) for every action, there is a reaction. B) things never change. C) all other things equal. D) buyer beware.
9)
Opportunity cost is defined as the value or benefit of the
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A) most valuable item. B) least valuable item. C) equilibrium price. D) next best alternative.
10) A table showing how much lemonade consumers are willing to buy at different prices would be best described as a A) consumption table. B) supply schedule. C) equilibrium table. D) demand schedule.
11)
The way that economists explain it, the worker is a ________ in the ________ market. A) buyer; labor B) seller; labor C) buyer; job D) seller; job
12)
Global markets consist of buyers and sellers A) anywhere in the world. B) only within their community. C) within a nation. D) within a state.
13)
The market price can sometimes be difficult to identify due to which of the following?
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A) The laws of supply and the law of demand B) Equilibriums and opportunity costs C) Satiation and zero prices D) Sale prices and negotiated prices
14) Which of the following goods is not an example of a good that carries an advance purchase discount? A) Prepaid tuition plans B) Airline tickets C) "Early bird" conference registration D) Refrigerated milk
15)
A market demand schedule for hamburgers would not include which of the following? A) Vegetarians, who buy no hamburgers B) People who eat a cheeseburger every day for lunch C) The concept of ceteris paribus D) The labor market
16) If at the market price of $10 per lawn Maya is willing to mow 15 lawns, and at the market price of $15 per lawn Maya is willing to mow 25 lawns, what does Maya's supply curve look like? A) It slopes down and to the right. B) It slopes up and to the right. C) It is a horizontal line. D) It is a vertical line.
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17)
According to the law of demand, when the price of a good falls A) the quantity of the good supplied will increase to meet the increased demand. B) the quantity of the good demanded tends to rise. C) the quantity of the good supplied will decrease to meet the decreased demand. D) the quantity of the good demanded tends to fall.
18)
Which of the following is generally not an example of a zero price? A) Watching another movie on Netflix B) Sending another text message C) Getting a refill of coffee at a restaurant D) Downloading another MP3 from iTunes
19) Which of the following is an example of a product that is sold primarily in a local market? A) Cheese B) Butter C) Milk D) Oil
20)
Sale prices mean that a good’s price is A) temporarily reduced. B) otherwise set above the market price. C) equal to the equilibrium price. D) a meaningless variable.
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21) Based on the law of demand, what would you expect to happen if the price of gasoline were to rise to $8.00 per gallon? A) The quantity demanded would increase. B) There would be no impact on demand or supply. C) The quantity demanded would decrease. D) The quantity supplied would increase.
22)
In economics, "satiation" means A) eventually the marginal value of the good consumed increases. B) quantity demanded and quantity supplied rises. C) eventually the marginal value of the good consumed decreases. D) the market price has been attained.
23)
In contrast to the law of supply, sometimes ________ can reduce the quantity supplied. A) an increased price B) a market supply curve C) a market demand curve D) a decreased price
24)
The textbook provides examples of markets that are A) local and global only. B) national and global only. C) individual, local, national, and universal. D) local, national, and global.
25)
What would it mean if a demand curve sloped upward and to the right?
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A) Quantity demanded decreases as the price increases. B) Quantity demanded increases as the price increases. C) Quantity demanded and price both can only increase. D) Quantity demanded and price both can only decrease.
26)
A vertical supply curve would mean A) as price decreases, quantity supplied decreases. B) as price decreases, quantity supplied increases. C) the price does not affect the quantity supplied. D) market equilibrium has been reached.
27)
One of the biggest benefits of a market-based economy is A) centralized planning. B) the ability to adapt quickly to change. C) government regulation. D) consumer protection policies.
28) If the quantity of a good that buyers are willing to buy rises sharply when the price falls, this illustrates what principle? A) The law of supply B) The law of demand C) Market equilibrium D) Ceteris paribus
29)
Which of the following is not an example of a good or service provided by a market?
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A) Illegal sports betting B) Metered street parking in Sacramento, California C) Pizza in Toledo, Ohio D) The air we breathe
30)
Buying a used textbook from a fellow student is an example of what type of market? A) Local B) National C) Global D) Labor
31)
The market price is A) the exact price a product sells for at a specific time. B) the typical price at which a good or service sells. C) always easy to determine. D) usually higher than the equilibrium price.
32) What phrase do economists use to describe the assumption that everything else about a situation stays the same, allowing only one variable, such as price, to change? A) E pluribus unum B) Caveat emptor C) Vini, vidi, vici D) Ceteris paribus
33) When you have to give up one opportunity in order to choose another, the value of the opportunity that is not chosen is called the
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A) opportunity price. B) opportunity cost. C) forgone value. D) choice equilibrium.
34)
What might happen if the market price for haircuts increased? A) Cutting hair would be less profitable. B) Some stylists would work fewer hours. C) Some salons might close. D) Some hair salons might hire more stylists.
35)
The number of markets is A) fixed. B) always changing. C) infinite. D) equal to the number of buyers.
36)
What is the name given to the price in a labor market? A) The supply rate B) The demand rate C) The equilibrium rate D) The wage rate
37)
The law of demand
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A) can never be violated. B) is the opposite of the law of supply. C) works only in large markets. D) is a general tendency.
38)
The demand schedule reports the quantity demanded at A) many different prices. B) a zero price. C) the average of all prices. D) the market equilibrium price.
39)
The supply schedule is a description of the A) quantity demanded at a single price. B) supply offered according to demand. C) basis of calculating market price. D) relationship between quantity supplied and market price.
40) The individual quantity demanded is the amount the ________ is willing to ________ at a given price. A) seller; purchase B) buyer; purchase C) buyer; sell D) seller; sell
41)
Natural resources, such as crude oil and fish, are often sold in ________ markets.
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A) local B) national C) global D) labor
42) Households are generally buyers in the markets for products and sellers in ________ markets. A) goods B) service C) natural resource D) labor
43) Price
Quantity Demanded
$0
1,000
$1
400
$2
200
$3
100
$4
25
Refer to the table, which shows the number of energy drinks demanded per day by the students at a certain university. Which of the following statements does not explain why the quantity demanded was not higher for a price of $0? A) Students only need so much energy. B) Drinking an energy drink takes time. C) There is only so much room in the average backpack. D) People prefer to pay for the beverages they consume.
44)
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Price
Quantity Demanded
$0
1,000
$1
400
$2
200
$3
100
$4
25
Refer to the table, which shows the number of energy drinks demanded per day by the students at a certain university. Does this demand schedule conform to the law of demand? A) Yes, because as the price falls, the quantity demanded rises B) Yes, because as the price falls, the quantity demanded also falls C) No, because there appears to be no relationship between price and quantity demanded D) No, but the demand for most goods does not follow the law of demand
45) Price
Quantity Demanded
$0
1,000
$1
400
$2
200
$3
100
$4
25
Refer to the table, which shows the number of energy drinks demanded per day by the students at a certain university. What would happen to the quantity of energy drinks demanded at a price of $2 if the university’s enrollment were to increase significantly?
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A) The quantity demanded would fall below 200 because there would be more students competing for energy drinks. B) The quantity demanded would remain at 200 because the number of buyers in a market does not impact the market demand schedule. C) The quantity demanded would increase above 200 because the market demand schedule is the sum of individual demand schedules, and more students means more individual demand schedules for energy drinks. D) The quantity demanded would rise to exactly 400 because every number in the table would simply shift down one row.
46)
Does the law of supply apply to labor markets?
A) Yes, because all workers will increase the number of hours they work if their wages increase. B) Yes, because some workers who are less committed to the labor force will decide to work if wages increase. C) No, because the laws of supply and demand both apply only to product markets. D) No, because workers have no control over the number of hours they work.
47) The average sale price of single-family homes in the United States increased from $264,700 to $306,100 from April 2015 to April 2019. All else equal, we would expect that during the same time A) quantity supplied also increased. B) quantity demanded also increased. C) quantity supplied decreased. D) quantity demanded and quantity supplied both increased.
48) If the average market price for haircuts increases, all else equal, which of the following is least likely to occur as a result?
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A) More new salons will open. B) Existing salons and barbershops will hire more stylists and barbers. C) Some workers will leave other jobs in order to become hair stylists. D) Many salons will go out of business due to a lack of customers.
49) The market for automobiles in China has experienced tremendous growth primarily because of A) relaxed emissions standards in China. B) rising incomes in China. C) higher wages of American workers. D) the invention of new products.
50)
The market for smartphones did not exist 30 years ago because A) consumers did not need or want smartphones. B) portable electronic devices were illegal. C) the technology did not exist to produce smartphones. D) smartphones were too expensive for most consumers.
51) Price per Pizza
Quantity Demanded
$1
?
$5
200
$10
75
Refer to the table, which shows part of the weekly demand schedule for pizza in a certain town. The current market price for pizza is $5 per pizza. According to the laws of economics, which of the following could be the missing number?
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A) 175 B) 500 C) 125 D) 0
52) Price per Pizza
Quantity Demanded
$0
500
$5
200
$10
75
Refer to the table, which shows part of the weekly demand schedule for pizza in a certain town. If one were to plot these three points on a graph, what would the result be? A) A downward-sloping demand curve B) A downward-sloping supply curve C) An upward-sloping demand curve D) An upward-sloping supply curve
53) Price per Yard
Quantity Supplied
$15
?
$25
20
Refer to the table, which shows part of the weekly supply schedule for fall leaf-raking in a certain neighborhood. According to the laws of economics, which of the following could be the missing number?
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A) 10 B) 20 C) 30 D) More information is needed.
54) Price per Yard
Quantity Supplied
$20
25
$?
15
Refer to the table, which shows part of the weekly supply schedule for fall leaf-raking in a certain neighborhood. According to the laws of economics, which of the following could be the missing number? A) 0 B) 15 C) 25 D) 35
55) Which of the following is not provided in the textbook as something that might lead to the creation of a new market? A) New buyers B) New sellers C) New services D) New laws
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56) The graph pictured above is most likely a A) demand curve, because it is upward-sloping. B) supply curve, because it is upward-sloping. C) demand curve, because it is downward-sloping. D) supply curve, because it is downward-sloping.
57) The graph pictured above is most likely a A) demand curve, because as price rises, so does quantity. B) supply curve, because as price rises, so does quantity. C) demand curve, because as price rises, quantity falls. D) supply curve, because as price rises, quantity falls.
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58)
Explain why a demand curve slopes downward.
59)
What determines a market supply schedule?
60)
What does an upward-sloping supply curve mean?
61)
Give two examples of how new markets are created.
62)
What do economists mean when they say ceteris paribus?
63)
The rate at which buyers exchange money for a good or service is known as the price. ⊚ true ⊚ false
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64)
Individuals in a market economy can be both buyers and sellers. ⊚ true ⊚ false
65) Buyers and sellers who are geographically close to each other are part of a national market. ⊚ true ⊚ false
66) The Internet has allowed an increasing number of goods and services to be traded in national markets. ⊚ true ⊚ false
67)
Crude oil is sold in a local market. ⊚ true ⊚ false
68)
The market price is the typical price at which a good or service sells. ⊚ true ⊚ false
69) The individual quantity demanded is the amount that the buyer is allowed to purchase at a given price. ⊚ true ⊚ false
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