If, in Response to an Increase in the Price of Chocolate

question 218

Multiple Choice

If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, economists would describe this as

• A)a decrease in demand.
• B)a decrease in quantity demanded.
• C)a change in consumer income.
• D)a decrease in consumers' taste for chocolate.

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Definitions:

IAS 40

A standard issued by the International Accounting Standards Board related to the accounting for investment property.

AASB 116

An Australian Accounting Standards Board standard detailing the accounting treatment for property, plant, and equipment.

IAS 16

An International Accounting Standard that prescribes the accounting treatment for property, plant, and equipment including their recognition, determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized in relation to them.

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