25 May Question 31. If average income increases, ceteris paribus, then there will be:
Question
31. If average income increases, ceteris paribus, then there will be:
A) a shift of the demand curve.
B) a movement along the demand curve.
C) a movement along and a shift in the demand curve.
D) no effect on the demand curve, because income is not a ceteris paribus condition.
32. Which would be a likely cause of an increase in the price of pizza?
A) a decreased interest in take-out and fast-food dining
B) a decrease in the price of hamburgers, a substitute food
C) an increase in the price of cheese, a complement
D) a health report showing eating pizza reduces stress
33. Which will not, ceteris paribus, cause the demand curve for good A to shift?
A) a change in the price of A
B) a change in the price of B, a complement
C) a change in the price of C, a substitute
D) an increase in average income
34. Which will not cause a change in the demand for product A?
A) a change in consumer preferences
B) a change in the price of A
C) a decline in consumer incomes
D) a decrease in the price of close-substitute product B
35. A normal good is one:
A) which all people like.
B) which all normal people like.
C) for which demand increases when price decreases.
D) for which demand increases when income increases.
36. An inferior good is one:
A) that doesn’t work.
B) that costs too much.
C) that won’t be purchased at any price.
D) for which demand increases as income decreases.
37. Which goods would usually be an inferior good?
A) French wines
B) generic beer
C) theater tickets
D) steak
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