5)A complement is a good

A) of lower quality than another good.

B) used instead of another good.

C) used in conjunction with another good.

D) of higher quality than another good.

6) Which of the following shifts the demand curve for hot dogs leftward?

A) an increase in the price of a hot dog bun

B) a decrease in the price of a hot dog bun

C) an increase in the price of a hot dog

D) an increase in the price of a hamburger

7) Which of the following statements is correct?

A) A change in the quantity demanded means a shift in the demand curve.

B) A change in demand means a movement along the demand curve.

C) A change in demand and change in quantity demanded means the same thing.

D) A change in demand means a shift in the demand curve while change in the quantity demanded means a movement

along the demand curve.

8) The "law of demand

" states that, other things remaining the same, the quantity demanded of any good is

A) inversely related to its price.

B) directly related to its price.

C) positively related to its price.

D) directly related to the supply of the good

9) Which of the following decreases the demand for an inferior good?

A) an increase in income

B) a decrease in the price of a complement

C) a decrease in income

D) an increase in the price of a substitute

10) Opportunity cost is best defined as

A) how much money is paid for something.

B) how much money is paid for something, taking inflation into account.

C) the highest valued alternative that is given up to get something.

D) all the alternatives that are given up to get something.