05 Jun Question (TCO 2) Economists use the term “demand” to refer to
Question
(TCO 2) Economists use the term “demand” to refer to
a particular price-quantity combination on a stable demand curve.
the total amount spent on a particular commodity over a stipulated time period.
an upsloping line on a graph that relates consumer purchases and product price.
a schedule of various combinations of market prices and quantities-demanded.
Question 2. Question :
(TCO 2) In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by
an increase in the cost of making donuts.
an increase in the price of coffee.
consumers expecting donut prices to fall.
a change in buyer tastes.
Question 3. Question :
(TCO 2) Which of the following is most likely to be an inferior good?
Fur coats
Ocean cruises
Used clothing
Steak
Question 4. Question :
(TCO 2) The demand curve for a product might shift as the result of a change in
consumer tastes.
consumer incomes.
the prices of related goods.
All of these
Question 5. Question :
(TCO 2) The supply curve shows the relationship between
price and quantity supplied.
production costs and the amount demanded.
total business revenues and quantity supplied.
physical inputs of resources and the resulting units of output.
Question 6. Question :
(TCO 2) If the demand for bacon is relatively elastic, a 10% decline in the price of bacon will
decrease the amount demanded by more than 10%.
increase the amount demanded by more than 10%.
decrease the amount demanded by less than 10%.
increase the amount demanded by less than 10%.
Question 7. Question :
(TCO 2) Suppose the price of local cable TV service increased from $16.20 to $19.80, and as a result, the number of cable subscribers decreased from 224,000 to 176,000. Use the Midpoint formula to find the answer. Along this portion of the demand curve, price elasticity of demand is
0.8
1.2
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