Table of contents

1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

3. Supply and Demand

Introduction to Supply and Demand

Macroeconomics

3. Supply and Demand

Introduction to Supply and Demand

Previous problem

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Multiple Choice

The Latin phrase ceteris paribus means:

All things are known to change

Other things change equally

All things at equilibrium

Other things being equal

Previous problem

Verified step by step guidance

Understand the context in which 'ceteris paribus' is used in economics. It is a Latin phrase commonly used to isolate the effect of one variable by assuming that other relevant factors remain constant.

Recognize that 'ceteris paribus' is crucial for simplifying economic models and theories, allowing economists to focus on the relationship between two specific variables without interference from other variables.

Identify the options given in the problem and analyze their meanings. The phrase 'ceteris paribus' translates to 'other things being equal' or 'holding other things constant.'

Compare the provided options with the correct translation of 'ceteris paribus.' The correct choice should reflect the idea of keeping other variables constant while examining the effect of a change in one variable.

Conclude that the correct answer is 'Other things being equal,' as it accurately captures the essence of the phrase 'ceteris paribus' in economic analysis.