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Economics, 11e, Global Edition (Parkin)
Chapter 3 Demand and Supply
1 Markets and Prices
1) A relative price is the
A) slope of the demand curve.
B) difference between one money price and another.
C) slope of the supply curve.
D) ratio of one money price to another.
Answer: D
Topic: Price and Opportunity Cost
Skill: Recognition
Status: Previous edition, Chapter 3
AACSB: Reflective Thinking
2) A relative price is
A) the number of dollars that must be given up in exchange for the good.
B) also called the money price.
C) not an opportunity cost.
D) the ratio of one price to another price.
Answer: D
Topic: Price and Opportunity Cost
Skill: Recognition
Status: Previous edition, Chapter 3
AACSB: Reflective Thinking
3) The opportunity cost of good A in terms of good B is equal to the
A) money price of good A minus the money price of good B.
B) money price of good B minus the money price of good A.
C) ratio of the money price of good A to the money price of good B.
D) ratio of the money price of good B to the money price of good A.
Answer: C
Topic: Price and Opportunity Cost
Skill: Analytical
Status: Previous edition, Chapter 3
AACSB: Reflective Thinking
4) The relative price of a good is
A) an opportunity cost.
B) equal to the money price of a good.
C) equal to the price of that good divided by the quantity demanded of the good.
D) what you get paid for babysitting your cousin.
Answer: A
Topic: Price and Opportunity Cost
Skill: Recognition
Status: Previous edition, Chapter 3
AACSB: Reflective Thinking
5) The opportunity cost of a hot dog in terms of hamburgers is the
A) ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.
B) ratio of the slope of the supply curve for hot dogs to the slope of the supply curve for hamburgers.
C) money price of a hot dog minus the money price of a hamburger.
D) ratio of the money price of a hot dog to the money price of a hamburger.
Answer: D
Topic: Price and O
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