1) The demand curve slopes downward to the right because: a) we assume perfect competition b) an increase in the price of complementary goods causes a decrease in the quantity of goods purchased. c) an increase in the price of complementary goods causes an increase in the quantity of goods purchased d) as price decreases, consumers tend to switch their consumption away from substitutes and toward this good. e) changes in price can encourage producers to produce more 2) When we measure something in real terms instead of nominal terms, we have gotten rid of the effect of: a) growth b) unemployment c) allocation inefficiency d) inflation e) population growth 3) Suppose that the demand for beef decreases. This is most likely to cause: a) a rightward shift in the supply curve for beef b) a leftward shift in the supply curve for beef c) an increase in the price of beef d) an increase in the price of leather e) a downward shift in the demand for leather 4) If your tuition is $2,000 this quarter, your books cost $500, you can only work 20 rather than 40 hours per week during the ten weeks you are taking classes and you make $10 per hour, and your room and board is $2,500 this quarter, then your opportunity cost of attending college this quarter is a) $7,000 b) $2,000 c) $2,500 d) $4,500